Residents of the Midwest and the South enjoy cheaper rent than those in the North and the West, according to the latest data.
The vertigo-inducing growth of home rent prices during the pandemic has finally lost pace but, as Newsweek's map of state highs and lows shows , the cost remains generally much higher than in 2019.The median gross rent in the country according to the U.S. Census Bureau 2022 data was $1,300, with a margin of error of about $3. In 2019 it was $1,097, according to the Census ACS survey. The homeownership rate in the nation in 2022 was 65.2 percent, with a margin of error of 0.1 percent.
1 percent year over year to $1,964, remaining unchanged from a month before.This might be in part linked to the fact that a record number of new apartments is now under construction. Redfin Chief Economist Daryl Fairweather said that the number of completed apartments will peak this year—potentially contributing to cooling down rent prices.Read more: First-Time Homebuyer GuideBelow, you can find a table showing the median gross rent in every U.S. state, based on the Census Bureau data.
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