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May 14, 2021 by Luke Babich Leave a Comment

20 Cities With the Most (and Least) Affordable Rent Prices

20 Cities With the Most (and Least) Affordable Rent Prices

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.

Filed Under: Uncategorized

About Luke Babich

Luke Babich is the Co-Founder of Clever Real Estate, a real estate education platform committed to helping home buyers, sellers and investors make smarter financial decisions.

Luke is a licensed real estate agent in the State of Missouri and his research and insights have been featured on BiggerPockets, Inman, the LA Times, and more.

Education: BA with Honors, Political Science — Stanford University

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