Rising Rental Costs Across the U.S.
As the prices for home ownership continue to climb in the U.S., many individuals are increasingly turning toward renting, hoping to find something affordable.
Unfortunately, the situation for renters isn’t much better. Rental prices, particularly in larger cities, are also on the rise.
A recent report highlights that locating an apartment for less than $1,000 a month has become quite a challenge in the top 100 cities across the country. In fact, only 13 of these cities have more than one-third of their apartments listed at this price point.
If you’re looking for more affordable housing, the Midwest and South seem to offer the best opportunities for finding reasonably priced apartments.
For instance, Wichita, Kansas, has the highest percentage of apartments under $1,000, with just over 54% falling into that category. Following closely is McAllen, Texas, where just over half of its available apartments are similarly priced.
Other cities that also offer a significant percentage of apartments under $1,000 include Little Rock, Arkansas; Toledo, Ohio; and Oklahoma City, Oklahoma.
Top Cities for Affordable Rentals
Here’s a list of the cities with the highest percentages of affordable apartments:
- Wichita, Kansas – 54.10%
- McAllen, Texas – 50.60%
- Little Rock, Arkansas – 49.30%
- Toledo, Ohio – 45.90%
- Oklahoma City, Oklahoma – 42.00%
- Tulsa, Oklahoma – 41.10%
- El Paso, Texas – 38.50%
- Akron, Ohio – 38.40%
- Dayton, Ohio – 38.10%
- Winston-Salem, North Carolina – 37.70%
- Des Moines, Iowa – 36.90%
- Tucson, Arizona – 36.10%
- Baton Rouge, Louisiana – 34.40%
- Memphis, Tennessee – 31.20%
- Cleveland, Ohio – 31.00%
- Scranton, Pennsylvania – 29.80%
- Greensboro, North Carolina – 28.70%
- St. Louis, Missouri – 28.20%
- Jackson, Mississippi – 28.10%
- Omaha, Nebraska – 26.90%
On the flip side, cities with fewer affordable options tend to be located along the coasts. For example, Boston, Massachusetts, ranks at the bottom, with only 1.2% of its apartments under $1,000.
Other cities where less than 2% of rentals are priced affordably include Washington, D.C., Charleston, South Carolina, Cape Coral, Northport, Miami, Florida, as well as San Diego and San Jose in California.
If you’re interested in finding out more about rental prices or seeing a full list of cities, you can check various resources available online.
