Whether you’re saving for a home or choosing to rent for another reason, saving hundreds of dollars a month on housing costs can mean a future with more options. And with increasing telecommuting opportunities, more households are enjoying more freedom and flexibility in where they live.
To help prospective homeowners and other renters make the most of their income, RentCafe researchers analyzed data from 200 populous metropolitan areas and ranked the regions by affordability based on square footage.
Across the country, renters have an average of 8,000 square feet of living space for a monthly rent of $1,500. However, in 62% of the 200 largest cities, renters have more space than the national average, the researchers found.
They found that cities in the South and Southwest of the United States top the list in terms of affordability per square foot.
“Tenants looking for a spacious, affordable apartment in a big city should head south immediately,” writes Alexandra Both for RentCafe. “More than half of the top 20 cities that offer the most apartments for $1,500 a month are in the Southeast and Southwest.”
The remaining most affordable areas are all in the Midwest, “an area known for its balanced mix of affordable prices, jobs and spacious living,” the author noted.
Data showed that Wichita, Kansas and Toledo, Ohio offer the most options for families on a budget.
In Wichita, a household can purchase 1,359 square feet of living space for $1,500 a month, and Toledo offers about 1,345 square feet for the same monthly cost. That could mean a three- or even four-bedroom apartment, putting these two cities first and second on RentCafe’s list, respectively.
Oklahoma City – a particularly job-rich place, Both points out – leads the way among the big cities in the South. $1,500 a month is enough to buy a 1,300-square-foot apartment here. For about the same monthly rent, Oklahoma residents can find a 1,300-square-foot apartment in Tulsa, Oklahoma.
Fifth on the list is Memphis, Tennessee, where 1,200-square-foot apartments, enough for three bedrooms, are available for renters who pay $1,500 a month.
Indianapolis, Greensboro, North Carolina, Kansas City, Missouri, Columbus, Ohio and St. Louis, Missouri all offer more than 1,000 square feet for $1,500.
One huge state stands out with three cities on the list, Both noted. Lubbock, El Paso and Corpus Christi in Texas all made the list of cheapest cities per square foot.
Despite the increase in remote work during and after the COVID-19 pandemic, there are still plenty of tech job hubs. In such places, Both notes, “families on a fixed budget are sacrificing square footage to take advantage of the many opportunities.”
For $1,500 a month, for example, one could afford a residence in Manhattan or Brooklyn, New York or Boston, although the cost would be significantly less than one in the South.
California cities stood out on RentCafe’s list of cities where $1,500 won’t get you very far. Renters in Sunnyvale, California, are lucky to find 400 square feet. San Francisco, Los Angeles, San Jose, California, and San Diego are among the metropolitan areas where $1,500 could be enough for a 400-square-foot studio.
In New York’s most popular boroughs, renters on a $1,500 budget get less than 400 square feet of living space.
In Seattle, Washington, DC, Chicago and Miami, $1,500 a month won’t buy much more than maybe 500 square feet.
Click here to learn more about RentCafe’s top 10 markets by state where renters get the most for their monthly money.
