Top Renting Sweet Spots in the U.S.: Where Your Income Goes the Furthest

• Renters can get the most out of their income in Silicon Valley’s Sunnyvale, where the highest median wages in the nation make it easier to cover living expenses.
• Phoenix suburb Surprise, AZ, came in second, followed by Washington, D.C., suburbs Arlington, VA (#3); Bethesda, MD (#4); and Alexandria, VA (#5). Here, too, renters can strike a good balance between pay, monthly rent and expenses.
• Texas was the state with the most cities where renters were well-off financially, while Round Rock was the highest-ranking Texas city in our top 30 at #8.

A big part of deciding where to live as a renter revolves around costs. But, it’s not just about aiming for a higher salary to afford better living standards or searching for places with lower living expenses. Rather, for renters, the answer is often somewhere in between — striking that perfect balance between income and expenses. Fortunately, apartment hunters can now make smart living choices by diving into the latest RentCafe.com report, which pinpoints the exact cities where they can get the most bang for their buck.

For this analysis, we looked at the median income, average rent and average prices for basic necessities in 189 U.S. cities. We calculated an income-to-rent ratio for each city to show how much higher the monthly income was compared to the monthly rent. Then, we took the disposable income left after paying rent to see how well this amount could cover the local price of typical expenses in several categories each month, including:

• Utilities: phone and energy bills
• Food: bread, milk, eggs, steak, banana, frozen meal, chips etc.
• Healthcare: one doctor’s visit, one dentist’s check-up, one optometrist’s visit and over-the-counter medicine
• Transportation: one gallon of gasoline and tire balancing services
• Goods & services: a couple of clothing items, a movie ticket, a yoga session, a haircut, a beauty salon visit, dry cleaning, etc.

To see the complete list, scroll down to the Methodology section. Amounts for each category were not total averages spent by renters each month, but rather illustrative prices for everyday basic items and necessities.

The analysis showed that there are many suburban locations among the top sweet spots when it comes to how much renters can stretch their dollars.

Sunnyvale, CA, was the top city where renters could strike the perfect balance between income and expenses (monthly rent and basic necessities). Here, in the heart of Silicon Valley, renters had the highest annual wages in the country — triple the nation’s median income.*

The second-best place where renters could get the most bang for their buck was Surprise, AZ. This is where the median income could cover four average monthly rents — a rarity among all 189 cities we analyzed (and possible in only five other locations). Furthermore, the annual wages in Surprise were almost double the national benchmark. Three Washington, D.C., suburbs followed consecutively: Arlington, VA (#3); Bethesda, MD (#4); and Alexandria, VA (#5). All offered high incomes, while the prices for singular items (like everyday foods and other basic necessities) were aligned with the national averages, which allows renters to better balance their pay with living costs in these cities.

At the other end of the spectrum were cities like Buffalo, NY (#128); Milwaukee (#142); Baltimore (#145); Cincinnati (#157) and Cleveland (#174) where monthly rent and expenses for daily necessities were below averages, but so were annual incomes, making it difficult for renters to strike a balance for better financial health.

However, when it came to regions, renters in the Southwest were more likely to achieve financial stability. More precisely, suburban cities in the area typically offered high wages, while rents were around the national benchmark. In contrast, Northeastern cities were where renters could find it most challenging to cover their rent and basic expenses.

Overall, our study provides actionable insights for renters by helping them understand how choosing a city to live in can affect their financial health. For this, we came up with a unique scoring system by weighing how much of their income went toward rent and basic expenses for utilities, food, healthcare and other essentials.

*For this report, we used the median renter annual income ($49,201), the national average monthly rent ($1,702) and monthly cost of living expenses ($1,082) to serve as benchmarks when comparing cities.

Top cities where renters can get the most out of their income

Discover the cities where renters strike a balance between income and rent; utilities; and common daily expenses. Or, if you want to dive deeper and get more interesting facts on specific areas, explore our case studies about locations in Texas, New York and Florida to see where it's easiest to hit financial stability as a renter.

1. Sunnyvale, CA

Formerly filled with orchards and now an essential part of Silicon Valley, Sunnyvale, CA, is America’s top city where renters earning roughly $146,000 per year get the most bang for their buck. Here, the median income was triple the median wage in the U.S., while monthly rent ($3,000) was 76% higher than the average and the total price for basic necessities was only 28% above the national benchmark. In this case, the local price for essential food items, doctor visits, and other goods and services (like a movie ticket or a yoga class) added up to $1,385 per month. In fact, after paying rent, the median income of Sunnyvale renters would be enough to cover 24 times the value of basic utilities in the city (phone and energy bills), which was more than double the possibilities of those living in Phoenix suburb Surprise, AZ, which came in second in our top 30.

What's more, Sunnyvale was also the only city in our report that scored more than 90 points (93.8), which means it's easier for renters here to strike a balance between income and expenses than it is for those in other cities. For example, Boston had similar prices for basic necessities ($1,346 per month) and a slightly higher monthly rent ($3,911), but its lower annual income of just less than $61,000 would make budgeting more challenging for renters. The Northeastern hub ranked 187th among all 189 cities that we looked at.

2. Surprise, AZ

Surprise, AZ, in the Phoenix metro area, ranked second on our list of the top 30 cities where renters could stretch their dollar furthest. Home to several tech and healthcare giants, Surprise’s presence in our ranking was anything but unexpected.

That's because renters here enjoy the seventh-highest annual median income in the country, while the average rent was in line with the national benchmark. To be more precise, renters earn about $86,000 per year and pay an average rent of $1,781. Additionally, the $1,004 monthly cost for basic utilities, essential food items, doctor visits, and other necessary goods and services was also below the national average.

All in all, this hotspot scored a total 84.6 points and was the first of two Arizona cities at the top of our list.

3. Arlington, VA

Arlington, VA — located right across the Potomac River from the nation’s capital — came in third among the U.S. cities where renters could get the most out of their income. The city's $102,710 yearly wage would help apartment dwellers easily pay an average monthly rent that was just a few dollars short of $2,500 plus the other monthly expenses for basic necessities that added up to $1,152, which was close to the national average. Healthcare ($408) and utilities ($362) took up the largest share of the total price for essential items and services in Arlington, but this thriving location managed to offer the third-highest annual income out of the 189 cities we analyzed.

And, as one of the top cities to watch in 2024 due to increased rental demand the year before, Arlington attracts renters due to its high wages and appealing job opportunities. Thus, its total score of 73 points earned it a well-deserved bronze medal in our top 30.

4. Bethesda, MD

In fourth place was Bethesda, MD, another Washington, D.C., suburb. Here, the yearly income of $99,315 (fourth-highest among the 189 U.S. cities in our report) would help renters pay an average monthly rent of $2,684 and basic living expenses of $1,093, which was on par with the national average. That said, utilities (energy and phone bills) made up nearly half of the entire price we calculated for basic needs in Bethesda at $404.

Bethesda is a thriving hub for biotechnology, life sciences, and tech, which attracts highly educated renters who enjoy maximizing the benefits and value of the money they earn here. Consequently, the city pulled off a total score of 68.3 points.

5. Alexandria, VA

Not far behind was another D.C suburb, Alexandria, VA. With a similar economy to other cities orbiting the nation’s capital — a mix of federal agencies, corporate offices and tourism — Alexandria ranked fifth among the cities where renters could easily hit a balance between income and expenses. Specifically, the city offered the sixth-highest annual income out of all the cities in our analysis — $89,845, which would be enough to cover the $2,068 monthly rent and the $1,174 total price for basic necessities. Although monthly rent here was 22% higher than the national average, the price for utilities was just 9% above the benchmark. At the same time, the median income in Alexandria was 83% above the norm, providing a higher standard of living for renters working here.

This helped Alexandria score 67.6 points, marking its status as a top location where renters could stretch their income dollars the furthest.

6. Westminster, CO

Sixth on our list of cities where renters could make the most out of their salaries was Westminster, CO. In this Denver suburb, renters could expect a median annual wage of $75,841, which would be enough for a near-average rent of $1,864 and monthly price of basic necessities that runs below the $1,000 threshold. At $941 per month, this was also one of the lowest prices for essential living items and services in the country. In fact, affordability and easy access throughout the Denver metro are the key benefits of renting in Westminster.

The city’s growing and diverse economy — which includes healthcare, retail, technology and manufacturing — pushes up income levels, thereby adding to the area’s appeal for renters. Westminster scored 66.5 points, which helped the location rank high on our list.

7. Scottsdale, AZ

Back in the Phoenix metro area, Scottsdale, AZ, ranked seventh in our top 30. Renters here could benefit from a median annual income of $82,865 — the eighth-highest in the U.S. — and a monthly price of essential items and services that's in line with the average at $1,087. With a smaller proportion of income going toward expenses, it's easier for renters to enjoy a better living experience. Plus, the monthly rent was just a pinch above the $2,000 threshold at $2,084.

As a result, Scottsdale pulled off a total score of 64.2 points, which was enough to secure a place among America’s top cities where renters can stretch their dollars the furthest.

8. Round Rock, TX

Renters in Round Rock, TX, get to enjoy easy access to one of the nation’s hottest tech hubs, Austin, as well as an average monthly rent that's below the national benchmark at $1,574. To put that into perspective, the annual income here revolved around $68,517 (39% higher than the norm), while key expenses for basic necessities such as utilities, food, healthcare, transportation, and common goods and services were slightly below average at $1,058.

With a conveniently smaller share of income required to cover the price of basic items and services, Round Rock got a boost to #8 in our top 30 cities where renters get the most bang for their buck.

9. Plano, TX

Elsewhere in Texas, Plano managed to rank ninth by hitting a favorable balance between renters’ income and the price for basic necessities: The monthly rent was close to the national benchmark at $1,786, while basic living expenses were slightly above the average at $1,204. However, the annual income of $76,824 was the 11th-highest in the country, making it easier for renters to maintain financial health.

In total, Plano accumulated 61.4 points, which helped it climb among the top cities in the country where renters can enjoy their earnings more. This means that the city is a more affordable option for those planning a move to Texas.

10. Broken Arrow, OK

Speaking of affordability, Broken Arrow, OK, is another great place where renters could stretch their dollars far and wide. This Tulsa suburb ranked tenth on our list, because the median income here could cover four monthly rents. As a matter of fact, among the 189 cities we analyzed, only Conway, AR, and Lawton, OK, pulled off better numbers.

In Broken Arrow, the $54,594 annual income would easily cover the below-average monthly rent and the price of basic living expenses, offering renters more financial comfort.

Southwestern renters get most bang for their buck

Suburban locations in the Southwest were where renters spent a smaller portion of their pay for rent and basic necessities and food items. More precisely, salaries were higher than the norm, while rents stayed close to or below the national benchmark. The region also had the highest average total score (40.9 points), indicating that it's easier for renters in these cities to achieve financial stability.

The Northeast was at the other end of the spectrum with the lowest average score at just under 20 points, suggesting that renters in these cities would have a higher proportion of their wages going towards expenses.

The top Southwestern cities where renters would have more financial comfort and get more out of their income were Round Rock (#8), Plano (#9), Broken Arrow (#10), followed by Cedar Park, TX (#12); Lawton, OK (#15); Austin (#16); Allen, TX (#19); and Tulsa, OK (#25). In these cities, the balance between salary and price for basic necessities was favorable for renters. Accordingly, apartment dwellers could expect to earn more than the country’s median wage, while the monthly rent and prices for utilities and essential food items were below the national average. In particular, Lawton stood out with an annual income of $42,864 and an average monthly rent of $830 — the lowest in the region. The price for basic necessities was also below the national benchmark at $1,069 per month.

Next, the Mountain region was the second-best area for renters looking to hit that perfect balance between salary and living expenses. In addition to Surprise (#2), Westminster (#6) and Scottsdale (#7), which ranked among the top 10 cities where renters could get the most bang for their buck, other Mountain cities where rent and price for basic necessities were not so heavy on renters’ wallets were Denver (#29); Phoenix (#34); Colorado Springs, CO (#41); Las Vegas (#67); and Reno, NV (#76).

It's worth noting that Denver ranked 29th on our list due to an annual income that approached $65,000, a monthly rent that was just below the $2,000 threshold and lower-than-average prices for utilities, essential food items and services. Meanwhile, in Phoenix, renters received a lower annual income of $54,852, but their monthly rent was below the national benchmark, while basic utilities and services cost even less than in Denver.

Further west on the coast, Sunnyvale (#1), San Francisco (#13) and San Jose (#17) were the top three cities in the Pacific region where renters could get the most out of their income. So, it’s not a surprise that Sunnyvale and San Francisco also offered the highest median incomes among all of the 189 cities we analyzed for this report. Not to be outdone, San Jose was also at the top with the fifth-highest annual income of $92,952.

In the Northeast, Pittsburgh took the lead as the top city where renters could stretch their dollars furthest. Here, the annual income was below the national average, but so was the monthly rent, while basic living expenses were also close to the national benchmark. This helped the city score 33 points and rank 98th on our chart. Similarly, Manchester, NH (#103), and Portland, ME (#111), came in second and third, respectively, in our regional ranking. While the average incomes in these locations were higher compared to Pittsburgh, so were rents and expenses. Next was Queens, NY (#115), which might offer higher incomes, but the average monthly rent here was more than $1,000 above the national benchmark.

Interestingly, the Southeast had the most cities in our top 30 — nine. In this area, Arlington (#3) led the way as the top location in the region where renters could get the most bang for their buck. Two other D.C. suburbs followed, Bethesda (#4) and Alexandria (#5), all with annual wages that were double the median value in the country and average prices for basic necessities.

In the Midwest, Sioux Falls, SD (#14), offered the best income-to-expenses ratio. It was followed by Bloomington, IL (#20), and Columbus, OH (#22).

Dive into the full data in the expandable table below or scroll down to read some interesting case studies. 

Case studies: Where can renters strike a balance between income and expenses?

Housing and living costs are the main reason people move. So, how do some of the country’s top rental hubs compare to each other when it comes to how much renters pay for rent and basic expenses? Below, find out how similar income levels can lead to different living experiences based on location.

Austin, TX vs. Seattle

Renters looking to enjoy urban amenities and eager to explore tech jobs can pick between Austin and Seattle. These cities offer similar living standards for renters, as both rank in our top 30 with just five points between them.

Austin (#16) and Seattle (#23) offer annual incomes higher than the national benchmark, but with differences in monthly rent. First, with an annual income of $66,681, renters in Austin could cover the $1,784 monthly rent and the below-average costs for utilities, food, healthcare, goods, transportation and services costs. Meanwhile, renters in Seattle could budget an annual wage of $79,285 considering a monthly rent of $2,252 and prices of basic necessities that added up to $1,381 per month. In both cities, the median income was triple the monthly rent and 11 times higher than the price of basic utilities, like phone and energy bills.

San Jose vs. Plano, TX

Texas is the top destination for Californians looking to relocate. But, how different are the living experiences for renters in these two states? Of course, precise location and other variables weigh heavily in this equation, but let’s take a closer look at San Jose and Plano, two cities that ranked in our top 30 cities where renters could get the most bang for their buck.

The annual income in San Jose (#17) was close to double the national benchmark at $92,952, while monthly rent was also much higher than the average at $2,974. At the same time, basic expenses for utilities, essential food items, healthcare, and other goods and services added up to $1,278 — not far from the benchmark.

Otherwise, in Plano (#9), the annual income averaged $76,824, while monthly rent revolved around $1,786, which means that a smaller share of the salary would be necessary to pay rent compared to San Jose. However, the prices for basic necessities were similar to those paid by renters in San Jose — $1,204. Overall, renters in these sunny destinations would have similar living experiences, with only 10 points separating the two cities in our ranking. This means that renters really need to carefully consider whether it's worth relocating from one city to the other, especially because more and more companies offering remote work have announced that they are adjusting pay based on employees' locations.

Queens, NY vs. Jacksonville, FL

New York to Florida is another popular migration route. The highest-ranking locations for each state are Queens (#115), New York City’s largest borough, and Jacksonville (#45), Florida’s most populated city. Both locations offer annual wages higher than the median income in the U.S., but renters in Jacksonville benefit from an average monthly rent that's lower than the national benchmark, while prices for basic utilities, food items and transportation tickets were below $1,000 per month.

This pushed Jacksonville higher on our list of cities where renters get the most bang for their buck. Here, the annual income was $50,079, while monthly rent was $1,517. Renters also paid $975 for basic expenses.

Utilities and services costs are similar in Queens, but the monthly rent added up to $2,874, which is more than $1,000 higher than the average. Even though the annual income here was $67,410, higher prices for doctor's appointments, gasoline and car services add to the cost burden on renters. In this case, Jacksonville is a more attractive destination for renters, at least from an affordability standpoint.

Methodology

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the U.S.

The benchmarks that we used are the national average rent per month from Yardi Matrix ($1,702), the median renter annual income in the U.S. from the Census Bureau ($49,201) and the average price per month for basic expenses calculated using the Cost of Living Index from the Council for Community and Economic Research ($1,082).

To calculate the price for basic necessities in each city, we used the prices for essential products or services for each of the main categories in our cost of living section, sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER): utilities, food, healthcare, transportation, goods and services. Each category includes the price per unit of basic products or services as follows:

• Utilities: energy and phone bills
• Food: one bread, milk, eggs, cheese, steak, ground beef, potatoes, lettuce, bananas, orange juice, coffee, sugar, cooking oil, frozen meal, potato chips and soft drink
• Healthcare: one doctor’s appointment, one dentist’s appointment, one optometrist’s appointment and Ibuprofen
• Transportation: one gallon of gasoline and tire balance
• Goods & services: men's shirt, women's slacks, boy's jeans, movie ticket, yoga, newspaper, haircut, beauty salon and dry cleaning

The expenses section does not represent the total cost that renters pay monthly for each of the main categories, but rather an illustrative value.

To obtain the ratios used in the score for each category in each city, we calculated the disposable income left after paying the monthly rent. We then aggregated the price per unit for each of the cost of living products and services and calculated the ratio between income and total cost per category.

The score for the final ranking was based on the sum of scores across all categories: income / rent ratio (30 points), (income - rent) / utilities ratio (20 points), (income - rent) / food ratio (15 points), (income - rent) / healthcare ratio (15 points), (income - rent) / transportation ratio (10 points), and (income - rent) / goods and services (10 points).

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