Oklahoma City

Share of income used for rent: 12.3%
Average rent: $543
Median household income: $52,917
Population: 1.21 million

The Oklahoma City metro area, which includes the state capital, has the nation's most affordable rents. The metro area, home to Devon Energy and Chesapeake Energy, has a relatively strong economy, thanks to the oil and natural gas industries. Oklahoma City's asking rents for apartments jumped 3.8% in the fourth quarter, compared to a year earlier. The vacancy rate was 8.6% at the end of last year.