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By Prashant Gopal
As unemployment rises and home prices plummet, many Americans find that renting an apartment is an increasingly attractive option. But renting isn't necessarily always affordable. It all depends on where you live. Manhattan residents, for example, spend 57% of their income on rent, the highest ratio in the country. In Oklahoma City, the most affordable rental market, residents spend just 12% of their income on rent. Working with research firm Reis, we came up with a list of large metros with the most affordable rents.
Metro areas with populations of at least 1 million are ranked based on average asking rent as a share of income. The highest-ranked metros have the lowest share of income used for rent. Fourth-quarter 2008 average asking rent is a blended average for all sizes of apartments and does not include landlord discounts or other incentives. The populations, incomes, and rents are for the metropolitan statistical areas as defined by the U.S. Census Bureau. Click here for full descriptions of the individual metro areas.
Source: Reis Inc
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