Money

LA is the priciest place to rent in the US but there are good deals in other cities

As home prices continue to rise, many Americans are sticking to renting. But not all cities are created equal.

Money advice site Earnest determined the most and least expensive cities for renters across the U.S. by analyzing anonymized data spanning three years from tens of thousands of verified loan applicants in the 100 most populous cities in the U.S. The data looked at all types of renters, including those who live alone and share with roommates.

Unsurprisingly, four of the five costliest places to rent are in California. Los Angeles clocked in as the No. 1 most expensive location for renters with a median rent of $2,600 a month. In the No. 2 city, San Jose, renters pay a median of $2,502 per month.

In New York, the No. 4 city, renters fork over a median $2,141 a month.

But off of the coasts, there are plenty of affordable places where rent runs well under $1,000. In Toledo, Ohio, the least expensive city on the list, the median rent is just $550 per month.

Here are the 20 most affordable cities for renters:

Choosing to live in a smaller, more affordable city can be a key factor in reaching your financial goals.

There are lots of other components that go into deciding where to settle down, including the job market, proximity to family and entertainment options. But finding a place you can afford is an important place to start.

Here's a closer look at the 10 U.S. cities where renters pay the least:

10. Tuscon, Ariz.

Median rent: $970
Median annual household income: $37,149
Percentage of total income spent on rent in Arizona: 14.7

9. Milwaukee, Wis.

Median rent: $967
Median annual household income: $35,958
Percentage of total income spent on rent in Wisconsin: 14.7

Downtown Milwaukee: small businesses are rising in this Midwestern city
Davel5957 | Getty Images
Downtown Milwaukee: small businesses are rising in this Midwestern city

8. Detroit, Mich.

Median rent: $954
Median annual household income: $25,764
Percentage of total income spent on rent in Michigan: 15.2

7. Tulsa, Okla.

Median rent: $950
Median annual household income: $42,248
Percentage of total income spent on rent in Oklahoma: 15.3

6. Indianapolis, Ind.

Median rent: $937
Median annual household income: $41,987
Percentage of total income spent on rent in Indiana: 13.8

Indianapolis, Indiana
John J. Miller Photogrpahy | Getty Images
Indianapolis, Indiana

5. Lincoln, Neb.

Median rent: $907
Median annual household income: $49,840
Percentage of total income spent on rent in Nebraska: 16

4. Kansas City, Mo.

Median rent: $885
Median annual household income: $45,821
Percentage of total income spent on rent in Missouri: 14.3

3. Glendale, Ariz.

Median rent: $751
Median annual household income: $46,776
Percentage of total income spent on rent in Arizona: 14.7

Glendale, Arizona.
dszc | Getty Images
Glendale, Arizona.

2. Memphis, Tenn.

Median rent: $728
Median annual household income: $36,445
Percentage of total income spent on rent in Tennessee: 15.6

1. Toledo, Ohio

Median rent: $550
Median annual household income: $33,687
Percentage of total income spent on rent in Ohio: 15.9

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