Trying to afford buying a home in Austin is difficult enough with current mortgage rates, and doubly so if you're already paying high rent on an apartment or a house. But there are five Austin ZIP codes where renters can get the most bang for their buck, according to a new study by financial services company CashNetUSA.

To find the most affordable ZIP codes for renters in the U.S., analysts compared median household incomes by ZIP code to the average annual rent costs in those areas using the Zillow Observed Rent Index. ZIP codes where the average annual rental constituted the lowest percentage of median household income were considered the "most affordable."

Austin's 78737 ZIP code stood out as the No. 1 most affordable in the city for renters. This area encompasses several Southwest Austin neighborhoods across Highway 290 West and FM 1826, including Belterra, Highpointe, Goldenwood, Lewis Mountain Ranch, and more.

According to the study's findings, the average monthly cost of a rental in 78737 comes out to $1,870, while the U.S. Census Bureau estimates the ZIP code's median household income is more than $164,000 per year. The study's analysts then calculated that the annual rent of a home in this area only takes up 16.05 percent of a household's median income.

In the No. 2 spot citywide is 78732, which spans wealthy West Austin neighborhoods like Steiner Ranch, Bella Mar, Lakeland Park, Marshall Ford, Comanche Village, and more. CashNetUSA says the average rent cost in this ZIP code is $2,638, but since the median household income is more than $194,000 (more than double the citywide median), this level of affordability might not feel relatable to the average Austinite. Annual rent costs in 78732 take up 17.53 percent of a household's income.

In Northwest Austin's 78750 ZIP code (No. 3), which stretches from Jester Estates all the way to Pecan Park in Lakeline, renters pay an average $1,594 per month for their homes, which amounts for 17.60 percent of the median household income ($123,722 annually) for the area.

The remaining two ZIP codes that CashNetUSA says are the most affordable for Austin-area renters are 78749 (Oak Hill, Circle C, Legend Oaks, Sendera, Village at Western Oaks, Maple Run, and more), and 78717 (Avery Ranch, Davis Spring, and Brushy Creek). Annual rent costs in both ZIPs amount to 18.64 percent of a household's median income, the study found.

In 78749, the average rent costs $1,752 per month, versus $1,865 monthly in 78717. The Census Bureau estimates the ZIP codes' median annual incomes to be about $114,000 and more than $140,000, respectively.

The top ZIP codes for renters in America
CashNetUSA found the No. 1 most affordable ZIP code for renters nationwide is 66224 in Leawood, Kansas, where annual rent only takes a 10.57 percent cut out of a household's median annual income.

Elsewhere in Texas, San Antonio's 78248 ZIP ranked as the No. 4 most affordable ZIP code for renters in the U.S., and the No. 1 most affordable ZIP code statewide.

Two Houston-area ZIP codes – 77401 and 77094 – ranked No. 9 and No. 12 nationally. The North Texas ZIP code 75013 in Allen ranked two spots behind Houston to claim the No. 14 spot nationally.

The full list of the top 15 most affordable ZIP codes for renters includes:

• 66224 in Leawood, Kansas
• 66221 in Overland Park, Kansas
• 48324 in West Bloomfield, Michgan
• 78248 in San Antonio, Texas
• 15228 in Pittsburgh, Pennsylvania
• 50323 in Urbandale, Iowa
• 48186 in Northville, Michigan
• 57005 in Brandon, South Dakota
• 77401 in Bellaire, Texas
• 43035 in Lewis Center, Ohio
• 48335 in Farmington, Michigan
• 77094 in Houston, Texas
• 60304 in Oak Park, Illinois
• 75013 in Allen, Texas
• 58554 in Mandan, North Dakota