Pennys 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 Pennys is about $604 per month. This puts it in the 32nd percentile compared to the state average cost of rent, which is $847. Households in Pennys have a median income of $3,278 per month so the average renter in Pennys is spending roughly 18% of their earnings on housing.
Nationally, and in Pennys, home values are the data point most closely correlated with the cost of rent. The median price of a home in Pennys is $83,200 right now, which is lower than nearby cities, meaning that rents in Pennys also tend to be lower versus these nearby cities.
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