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 10 metro areas in Washington, Spokane-Spokane Valley 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 $12,084 in 2022, including utilities. For context, the statewide average cost of a comparable apartment is estimated at $17,824.
Rent prices often reflect the overall real estate market in a given area, and this pattern appears to hold in Spokane-Spokane Valley. 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 $243,000, compared to the median home value of $366,800 across the state.
StateMetro area with lowest rental costEst. 2-bedroom rental cost, 2022, metro area ($)Est. 2-bedroom rental cost, 2022, statewide ($)Median home value, metro area ($)Median home value, statewide ($)AlabamaDothan8,4729,784131,600149,600AlaskaAnchorage14,64014,566301,100275,600ArizonaSierra Vista-Douglas10,48813,875150,100242,000ArkansasFort Smith8,7368,993119,500133,600CaliforniaVisalia11,50823,734223,600538,500ColoradoPueblo10,03217,157172,500369,900ConnecticutNorwich-New London14,72417,127246,800279,700DelawareDover12,79214,037226,600258,300FloridaSebring-Avon Park10,45215,232120,500232,000GeorgiaDalton9,03612,152136,800190,200HawaiiKahului-Wailuku-Lahaina21,26423,335657,400636,400IdahoPocatello9,38410,791165,800235,600IllinoisDecatur9,26413,692103,100202,100IndianaKokomo8,78410,331113,900148,900IowaDavenport-Moline-Rock Island9,4089,802141,600153,900KansasTopeka9,61210,740137,900157,600KentuckyOwensboro9,8529,687139,300147,100LouisianaMonroe9,64811,046134,500168,100MaineLewiston-Auburn11,36413,104166,600198,000MarylandCumberland8,80817,840131,300325,400MassachusettsSpringfield13,54822,294236,200398,800MichiganBay City9,31211,467106,400162,600MinnesotaSt. Cloud9,85213,486192,100235,700MississippiGulfport-Biloxi9,7209,546153,600125,500MissouriJefferson City8,13610,344162,100163,600MontanaGreat Falls9,69610,972184,400244,900NebraskaLincoln10,51210,551188,700164,000NevadaCarson City12,27613,543299,900290,200New HampshireManchester-Nashua15,76815,267287,900272,300New JerseyVineland-Bridgeton16,23619,811166,400343,500New MexicoLas Cruces8,80810,784153,600175,700New YorkUtica-Rome9,55220,092127,000325,000North CarolinaHickory-Lenoir-Morganton8,31611,360139,100182,100North DakotaFargo10,47610,236225,600199,900OhioMansfield8,80810,324115,100151,400OklahomaLawton9,07210,059121,500142,400OregonMedford12,46815,607294,500336,700PennsylvaniaJohnstown8,68812,41294,900187,500Rhode IslandProvidence-Warwick13,77614,502290,500276,600South CarolinaFlorence9,70811,096125,100170,100South DakotaSioux Falls10,4889,670208,400174,600TennesseeKingsport-Bristol8,41210,906140,800177,600TexasMcAllen-Edinburg-Mission8,86813,47590,000187,200UtahLogan9,38412,508252,800305,400VermontBurlington-South Burlington19,53614,321285,200230,900VirginiaLynchburg9,40815,870173,900282,800WashingtonSpokane-Spokane Valley12,08417,824243,000366,800West VirginiaWeirton-Steubenville8,8089,13395,400123,200WisconsinOshkosh-Neenah9,10810,970158,400189,200WyomingCasper10,41610,423215,400228,000
