- New York is the least affordable state for people renting a studio apartment, with 34.00% of a person’s disposable income going on rent
- Hawaii renters are in second place with 33.83%, and California is in third with 30.98% spent on rent for a studio
- South Dakota is the most affordable for studio renters, with just 13.08% of income spent on rent
A new study has found the worst states for renting a studio apartment, with New York being the least affordable.
Home warranty experts at Cinch Home Services gathered data from the US Bureau of Economic Analysis (BEA) and the National Low Income Housing Coalition to analyze and rank the least affordable states for renters in studio apartments.
New York has topped the ranking as the worst state for studio apartment renters, with individuals spending a staggering 34.00% of their disposable income on rent alone. The average market rate for a studio apartment in New York State is $1,939 per month.
The average rent for a studio apartment in the US is $1,100, meaning New Yorkers in studios pay an extra $839 on their rent every month.
Renters in Hawaii are the second worst off, spending 33.83% of their disposable income on rent. The average person in Hawaii pays a staggering $1,643 per month to rent a studio apartment – again, far above the national average.
California ranks third, with single renters in studios paying 30.98% of their disposable income on rent. Studios in California cost an average of $1,785 per month, costing renters an additional $685 above the US average.
Ranking fourth is Georgia, as renters in the state spend 28.87% of their disposable income on rent. Single renters should expect to pay approximately $1,272 a month for a studio apartment in Georgia, which is still $172 above average.
Massachusetts renters are in fifth place, spending 27.96% of their disposable income on rent for a studio apartment. In Massachusetts, the average market value of a studio is $1,773 a month.
Washington ranks sixth with renters paying 27.93% of their disposable income on rent. Renters in Washington pay $1,658 per month solely on rent for a studio apartment.
Maryland ranks seventh with studio renters spending 27.68% of their disposable income on rent. Maryland renters in studio apartments should expect to pay $1,498 per month – another above-average market rate.
Arizona is in eighth place, with renters spending 27.48% of their disposable income on rent. Single renters in Arizona can expect to pay an average of $1,289 per month for a studio apartment.
Florida renters are in ninth place, spending 27.46% of their disposable income on rent alone. Studio apartments in Florida cost an average of $1,395 per month.
Oregon renters rank tenth, paying approximately 26.52% of their disposable income on rent for a studio apartment. The average market price in Oregon is $1,296 a month.
Top 10 least affordable states for single renters
| Rank | State | % of disposable income on rent |
| 1 | New York | 34.00% |
| 2 | Hawaii | 33.83% |
| 3 | California | 30.98% |
| 4 | Georgia | 28.87% |
| 5 | Massachusetts | 27.96% |
| 6 | Washington | 27.93% |
| 7 | Maryland | 27.68% |
| 8 | Arizona | 27.48% |
| 9 | Florida | 27.46% |
| 10 | Oregon | 26.52% |
A spokesperson for Cinch Home Services has commented on the findings: “The ranking for the worst states for single renters in studio apartments highlights the growing disparity between wages and housing costs in parts of the US. In these states, even the smallest supposedly most affordable units demand a significant portion of renters’ income, with some even exceeding 30% of their monthly earnings.
“High living expenses in areas like California, New York, and Hawaii contribute to financial stress for renters seeking budget-friendly housing options. The issue underscores the need for both affordable housing initiatives and wage adjustments to meet the rising cost of living in America.”
ENDS
If you publish this story or any of its insights, please link to https://www.cinchhomeservices.com/ and give Cinch Home Services full credit.
Methodology
Per capita personal disposable income data was found from the US Bureau of Economic Analysis (BEA). This data was then divided by 12 to get a per capita measurement of monthly disposable income in each state.
Data on the fair market value for monthly rent (FMR) was then acquired from the National Low Income Housing Coalition.
The fair market monthly rental rate was compared to the monthly per capita disposable income data from the BEA to obtain the percentage of monthly income one may typically spend on rent in each state.
States were then ranked from highest percentage spent on rent (least affordable) to lowest percentage (most affordable).
