Third Ward 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 Third Ward is about $1,564 per month. This puts it in the 85th percentile compared to the city average cost of rent, which is $1,271. Households in Third Ward have a median income of $8,359 per month so the average renter in Third Ward is spending roughly 19% of their earnings on housing.
Nationally, and in Third Ward, home values are the data point most closely correlated with the cost of rent. The median price of a home in Third Ward is $272,294 right now, which is lower than nearby neighborhoods, meaning that rents in Third Ward also tend to be lower versus these nearby neighborhoods.
Higher rent prices are common in the southern parts of Third Ward while lower rent rates are often available in northeastern areas.
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