Paying for where you live is a necessary evil — and the price of renting a home or apartment is all across the board throughout the U.S. Not all Americans have the means to purchase a home even if they want to — especially when factoring in things like closing costs or needed repairs. Others simply prefer to rent and avoid the hassle of buying a home with a real estate agent.
Unsurprisingly, the Midwest and the southern U.S. have the most affordable rent prices, as these locations are typically less populous. There is also more space for residents to spread out, keeping rents low.
On the other hand, the coasts — especially California and the Northeast — see much higher rent prices. Although these stats may not come as a shock, you may be surprised to find just how much these areas differ in their rent prices. While higher pay may make up the difference in some of these more urban and expensive areas, not everyone has that high-paying, stable job. Plus, things such as groceries and transportation are often also more expensive in areas where rental rates are high.
Below are the 20 most affordable cities to rent and the 20 least affordable cities to rent in the U.S. based on the average cost of a two-bedroom unit in each area.
U.S. cities with the most affordable rent
1. Wichita, Kansas
If you’re renting in Wichita, Kan., you’re getting a steal! This city has the most affordable rent in the U.S. You can find a one-bedroom for just $595 and a studio for $585. (But why would you even bother with a studio with a difference ot $10?) In fact, it may make more sense to sell your home and rent in Wichita. And although you may not find as much to do as in say, New York City, you’ll enjoy paying just 15% of the rent New Yorkers do. That can pay for a whole lot of vacations…
Average price for a two-bedroom apartment: $763
Population: 389,938
2. Lubbock, Texas
The average rent for a 1-bedroom apartment in Lubbock, Texas, is currently $650. Or, you can pay $100 less and rent a studio apartment for just $550. Not only does Texas have some of the lowest rental rates, it also has low real estate commissions for those selling their home.
Average price for a two-bedroom apartment: $875
Population: 258,862
3. Tulsa, Oklahoma
In Tulsa, Okla., the average rent for a 1-bedroom apartment is $650 a month, on average. You’ll pay the same price for a studio, so it makes sense to get the bigger space.
Average price for a two-bedroom apartment: $898
Population: 401,190
4. Fresno, California
Average price for a two-bedroom apartment: $942
Population: 531,576
5. Oklahoma City, Oklahoma
Average price for a two-bedroom apartment: $944
Population: 655,057
6. Toledo, Ohio
Average price for a two-bedroom apartment: $949
Population: 272,779
7. Greensboro, North Carolina
Average price for a two-bedroom apartment: $1,026
Population: 296,710
8. Gilbert, Arizona
Average price for a two-bedroom apartment: $1,029
Population: 254,114
9. Tucson, Arizona
Average price for a two-bedroom apartment: $1,044
Population: 548,073
10. Fort Wayne, Indiana
Average price for a two-bedroom apartment: $1,077
Population: 270,402
11. Corpus Christi, Texas
Average price for a two-bedroom apartment: $1,114
Population: 326,586
12. Baton Rouge, Louisiana
Average price for a two-bedroom apartment: $1,132
Population: 220,236
13. Lexington, Virginia
Average price for a two-bedroom apartment: $1,141
Population: 323,152
14. Winston-Salem, North Carolina
Average price for a two-bedroom apartment: $1,158
Population: 247,945
15. El Paso, Texas
Average price for a two-bedroom apartment: $1,159
Population: 681,728
16. Albuquerque, New Mexico
Average price for a two-bedroom apartment: $1,167
Population: 560,513
17. San Antonio, Texas
Average price for a two-bedroom apartment: $1,180
Population: 1,547,253
18. Memphis, Tennessee
Average price for a two-bedroom apartment: $1,215
Population: 651,073
19. Arlington, Texas
Average price for a two-bedroom apartment: $1,235
Population: 398,854
20. Omaha, Nebraska
Average price for a two-bedroom apartment: $1,236
Population: 478,192
U.S. cities with the least affordable rent
1. New York, New York
You’ll play a premium for living in the city that never sleeps. New York City tops our list for least affordable rent. Along with the steep price of a two-bedroom apartment (if you can find one!), just a one-bedroom will run you $3,000 a month as of 2020 data. Studios are about $2,518, on average. New York City residents spend an average of 31.4 percent of their house income on rent alone. And for a little perspective, rents in New York City are more than six times the amount of rents found in the most affordable city to rent — Wichita, Kansas. By living in NYC, you’d pay almost $50,000 over the span of one year. That would buy you a third of a home in Wichita!
Average price for a two-bedroom apartment: $4,927 a month
Population: 8,336,817
2. Boston, Massachusetts
While Boston sits at number two on our list of least affordable places for renters, it would move to first place if we used prices for one-bedroom units. To find one in Boston, you’d have to cough up a whopping $3,454 a month — more than $40,000 per year. The average cost of a studio apartment is $2,618. Over the past year, Boston has seen a rent growth rate of 7.9 percent. Bostonites spend 32.6 percent of their household income on rent, on average.
Average price for a two-bedroom apartment: $4,728
Population: 692,600
3. Los Angeles, California
The City of Angels comes at a price as well. One-bedrooms are a bit more manageable than two-bedrooms and run about $2,715 a month, on average, while studios cost around $2,194. While rents have skyrocketed in LA over the long term, rent prices have decreased by 11.73 percent over the last year. LA residents spend an average of 33.4 percent of their income on rent.
Average price for a two-bedroom apartment: $4,514
Population: 3,979,576
4. San Francisco, California
Average price for a two-bedroom apartment: $4,084
Population: 881,549
5. Jersey City, New Jersey
Average price for a two-bedroom apartment: $3,821
Population: 262,075
6. Oakland, California
Average price for a two-bedroom apartment: $3,305
Population: 433,031
7. San Diego, California
Average price for a two-bedroom apartment: $3,232
Population: 1,423,851
8. Chicago, Illinois
Average price for a two-bedroom apartment: $3,065
Population: 2,693,976
9. San Jose, California
Average price for a two-bedroom apartment: $3,034
Population: 1,021,795
10. Scottsdale, Arizona
Average price for a two-bedroom apartment: $3,020
Population: 258,069
11. Santa Ana, California
Average price for a two-bedroom apartment: $2,990
Population: 332,318
12. Miami, Florida
Average price for a two-bedroom apartment: $2,970
Population: 467,963
13. Washington, D.C.
Average price for a two-bedroom apartment: $2,937
Population: 705,749
14. Philadelphia, Pennsylvania
Average price for a two-bedroom apartment: $2,904
Population: 1,584,064
15. Seattle, Washington
Average price for a two-bedroom apartment: $2,801
Population: 753,675
16. Riverside, California
Average price for a two-bedroom apartment: $2,799
Population: 331,360
17. Irvine, California
Average price for a two-bedroom apartment: $2,758
Population: 287,401
18. Fremont, California
Average price for a two-bedroom apartment: $2,711
Population: 241,110
19. Sacramento, California
Average price for a two-bedroom apartment: $2,634
Population: 513,624
20. Denver, Colorado
Average price for a two-bedroom apartment: $2,480
Population: 727,211
Bottom Line: Weigh the pros and cons
If you’re a renter, you need to determine how important certain aspects of a community are to your livelihood and compare this to the average rent prices in your chosen area. Obviously, if you have family in the city or a well-established career, a high cost of living isn’t likely to drive you to live elsewhere. But if you have yet to put down roots or are looking to relocate and search for jobs, rent prices may weigh more heavily on your decision.
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