Algoma renters looking for the least expensive areas to rent should look for the areas towards the red end of the spectrum on the rent cost map. Those who don't mind paying for high-end and luxury apartments should seek out apartments in dark green areas.
On average, the cost of rent in Algoma is about $812 per month. This puts it in the 75th percentile compared to the state average cost of rent, which is $877. Households in Algoma have a median income of $5,365 per month so the average renter in Algoma is spending roughly 15% of their earnings on housing.
Nationally, and in Algoma, home values are the data point most closely correlated with the cost of rent. The median price of a home in Algoma is $118,041 right now, which is higher than nearby cities, meaning that rents in Algoma also tend to be higher versus these nearby cities.
Higher rent prices are common in the southeastern parts of Algoma while lower rent rates are often available in northwestern areas.
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