Linda25 / Shutterstock.com

U.S. home sales skyrocketed during the COVID-19 pandemic, hitting a 15-year high of 6.1 million in 2021. The spike in demand, coupled with declining inventory, have put upward pressure on housing prices. Renters have not been spared, as housing has become one of the key drivers of surging U.S. inflation.

According to the Economic Policy Institute, a nonprofit think tank, a family of four – two adults and two children – can expect to pay an estimated $15,031 on housing in 2022. This amount varies across the country, however, from state to state and city to city.

Of the 14 metro areas in Georgia, Dalton has the lowest housing costs. According to the EPI’s Family Budget Calculator, a modest two-bedroom rental in the metro area will cost an estimated $9,036 in 2022, including utilities. For context, the statewide average cost of a comparable apartment is estimated at $12,152.

Rent prices often reflect the overall real estate market in a given area, and this pattern appears to hold in Dalton. Just as rents in the area are lower than the statewide average, so too, are home values. According to five-year estimates from the U.S. Census Bureau’s American Community Survey, the typical home in the metro area is worth $136,800, compared to the median home value of $190,200 across the state.

Below are some of the cities with the lowest rents in the United States.

State Metro area with lowest rental cost Est. 2-bedroom rental cost, 2022, metro area ($) Est. 2-bedroom rental cost, 2022, statewide ($) Median home value, metro area ($) Median home value, statewide ($)
Alabama Dothan 8,472 9,784 131,600 149,600
Alaska Anchorage 14,640 14,566 301,100 275,600
Arizona Sierra Vista-Douglas 10,488 13,875 150,100 242,000
Arkansas Fort Smith 8,736 8,993 119,500 133,600
California Visalia 11,508 23,734 223,600 538,500
Colorado Pueblo 10,032 17,157 172,500 369,900
Connecticut Norwich-New London 14,724 17,127 246,800 279,700
Delaware Dover 12,792 14,037 226,600 258,300
Florida Sebring-Avon Park 10,452 15,232 120,500 232,000
Georgia Dalton 9,036 12,152 136,800 190,200

Samuel Stebbins | 24/7 Wall St. via The Center Square