Isle of Wight 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 Isle of Wight is about $1,096 per month. This puts it in the 73rd percentile compared to the state average cost of rent, which is $1,444. Households in Isle of Wight have a median income of $8,439 per month so the average renter in Isle of Wight is spending roughly 13% of their earnings on housing.
Nationally, and in Isle of Wight, home values are the data point most closely correlated with the cost of rent. The median price of a home in Isle of Wight is $279,629 right now, which is higher than nearby cities, meaning that rents in Isle of Wight also tend to be higher versus these nearby cities.
Higher rent prices are common in the eastern parts of Isle of Wight while lower rent rates are often available in southeastern areas.
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