Renting in Idaho remains more affordable than many states including California

High rental costs are common in parts of all 50 states, but nowhere are they more expensive than in California and Hawaii.

The Golden State’s median gross monthly rental cost now tops $2,100, with Hawaii’s median monthly rental hitting $1,942, a close second to California as the next most expensive state for renters based on a new analysis released by Investopedia.

Oklahoma was found to be the most rent-friendly state nationally with an average cost of $1,044. The cost of living for Sooner State residents is twice as good as Idaho’s at -15.3% when compared to the national average. However, the state’s median household income of $66,000 is far below Idaho’s yearly average, while Oklahoma’s median household value of $222,000 is about half of what homes are worth in Idaho.

The median monthly cost for renters in Idaho is roughly $1,600, about 25% less than what renters pay in California. The report also determined the Gem State’s overall cost of living to be about -0.7% versus the U.S. average, with the median income listed at just over $81,000. For Idaho homeowners, the median home value was found to be roughly $446,000.

By comparison, California’s cost of living is 43% higher than the national average. Plus, despite the median income of Californians to be roughly $100,000 on average, the median home value remains at $759,000, a price tag unaffordable to most living there.

The Aloha State’s overall cost of living is double that of California at about 84% over the national average. Even with a median income of $100,000, a median home is valued at about $876,000, almost four times more than what buyers pay in Oklahoma.

Financial industry standards determine “affordable” households as those that limit housing costs to 30% of gross income.

Furthermore, U.S. Census data determined nearly 15 million Americans chasing a more affordable lifestyle relocated last year. Along with having the highest rents nationwide, California remains at the top of the outbound migration list, according to data from North American Van Lines. Still, another recent report ranked California as the third-most expensive state in the country.