Springfield ranks 6th on affordable rent list

The Queen City ranked No. 6 city on a recently released analysis of the most affordable cities for renters.

Conducted by financial data tracking firm SmartAsset, the study examined MyApartmentMap.com rental data and compared it with the April averages of two-bedroom apartments in the 300 largest U.S. cities. The study used the rent-to-income ratio of 28 percent as a benchmark, meaning someone renting a two-bedroom apartment at an average market rent of $700 would have to make at least $2,500 a month before taxes - or $30,000 a year - for the rent to be considered affordable, according to a news release.

For Springfield, the fair market rent was found to be $681, meaning the renter would need to make $29,186 a year to meet the benchmark rent-to-income ratio. Median annual housing costs in the Queen City are $8,172, according to the study.

The No. 1 city on the list is Provo, Utah, where the average fair market price of a two-bedroom apartment is $572, meaning someone would need to make $24,514 a year for rent to be affordable, according to the release.

Rounding out the top 10, based on fair market rent and income needed to pay it, are:
    •    No. 2: Lawton, Okla., $594 and $25,457;
    •    No. 3: Independence, $671 and $28,757;
    •    No. 4: Topeka, Kan., $672 and $28,800;
    •    No. 5: Toledo, Ohio, $680 and $29,143;
    •    No. 6: Springfield, $681 and $29,186;
    •    No. 7: Killeen, Texas, $682 and $29,229;
    •    No. 8: South Bend, Ind., $685 and $29,357;
    •    No. 9: Cedar Rapida, Iowa, $690 and $29,571; and
    •    No. 10: Green Bay, Wis., $701 and $30,043.