NASHVILLE, Tenn. (WKRN) — Three cities in the Volunteer State have made their way to the bottom of a new study that names the cities with the most affordable rent.
A study by WalletHub analyzed the median gross rent in more than 180 cities and then compared it to the median household income to determine the areas where rent was most affordable in the U.S.
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According to the Federal Reserve’s Consumer Price Index, the cost of rent has risen by more than 50% over the past 10 years, but wages haven’t increased.
Among 182 cities, Memphis ranked 153 on the list of cities with the most affordable rent, making it the lowest-ranking in Tennessee. Meanwhile, other cities nearby ranked just above that with Knoxville coming in at 152, Nashville at 102, and Chattanooga at 82…