While the price of rent is dropping nationwide, that’s not the case in Wyoming. The team of analysts at QuoteWizard found that the average cost of rent in Wyoming has gone up 17% since January.

New York has the highest percentage of renter-occupied housing units, with 46.5%, followed by California, with 45.2%, and Nevada, with 43.7%.

After two years of steady increases, rental prices are starting to come down. The study found that, in the second half of 2022, rental prices dropped by nearly 10% in some states.

However, Florida and Wyoming are the two states where rent has increased the most since 2020. Rental prices have increased by 37% in Florida and 34% in Wyoming in the last two years. Wyoming also saw a 6% increase since June, and the average for a 1-bedroom now costs $817.

Maine and Rhode Island are the two states where rent has decreased the most in the last six months. Rent has dropped 9% in Maine and 7% in Rhode Island since June.

The United States Department of Housing and Urban Development (HUD) considers anyone who spends more than 30% of their income on housing costs to be “cost burdened.” That’s because spending 30% or more on rent may make it difficult for someone to afford other basic necessities.

The study found that 47% of people nationwide are now cost burdened.

To read the complete report from Quote Wizard, click HERE.

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