Peoria and Cedar Rapids Top Rental Affordability List

The two Midwest cities tied for first place in a new study examining rent-to-income ratios across the United States.

Updated on Oct. 15, 2026 in Apartments

Peoria and Cedar Rapids Top Rental Affordability List

Live Poll

Do you believe smaller cities generally offer better affordability and quality of life than major metropolitan areas?

Peoria and Cedar Rapids lead a national ranking of small cities with the most affordable rents for residents. Nine out of the top ten cities featured in the study are located within the Midwest.

Why it matters

The ranking highlights a significant affordability advantage in the Midwest, where housing costs and daily expenses remain substantially lower than the national average. These cities offer a respite for renters compared to broader national trends.

In Peoria, studio apartments average $758 monthly, while housing costs overall are 30.1% lower than the U.S. average. Champaign also ranked highly at fourth place with a 9.9% rent-to-income ratio.

The players

Apartments.com

This real estate platform tracks rental market data and publishes periodic studies on housing affordability across the United States.

U.S. Census Bureau

This federal agency provides demographic and housing data used to analyze economic trends throughout the nation.

U.S. Department of Housing and Urban Development

This cabinet-level department establishes policies and oversees data related to national housing and community development.

The details

The rankings, which analyzed 180 small and mid-size metro areas, utilized data from the U.S. Census Bureau and the U.S. Housing and Urban Development department. Researchers found that renters in top-tier cities typically pay only 9.9% of their income on one-bedroom units, far below the national average.

2026: Apartments.com published the ranking of small U.S. cities.
2026: One-bedroom rent increased in five of the top cities.

Culture Shift

The study highlights a migration trend toward smaller, more affordable Midwest hubs that challenge the assumption that high-cost coastal cities are the only viable options for professionals. This shift underscores a growing consumer preference for lower cost-of-living areas over traditional metropolitan centers.

Renters in these top-rated cities can expect a significantly lower monthly financial commitment compared to the 15.6% national average. Prospective tenants should note that while affordability is high, some of these markets saw rent increases of 8% throughout 2026.

The takeaway

Renters looking for stability should prioritize cities where housing costs remain a small fraction of their overall monthly income. Prioritizing markets with diverse economic foundations can help buffer against sudden rental price hikes.