Renters are typically advised to spend no more than 30 percent of their income towards housing. At 21 percent, the average renter in Indianapolis is not cost burdened.
According to CNBC, a new study from AppFolio found the nation’s most affordable cities for renters, based on the percentage of the average monthly income spent on the average rent. Along with Indianapolis, Las Vegas (20 percent), Phoenix (22), Austin (23), and Atlanta (23) were found to be particularly inexpensive.
"Supply is finally catching up with demand in many markets, so rent growth is starting to slow. It took a few years extra after the recession to get to this point because during the recession construction effectively stopped, while renter demand was still growing," said Nathaniel Kunes, vice-president of product development at AppFolio.
AppFolio also named the least affordable cities. New York (58 percent of income toward rent) and Miami (54 percent) were found to be the most cost-burdened.