Yes, rent is still too expensive, but there are some places in the US that you might find bargains.
Rental or Buy: Which option is best for your city?
If you are trying to determine whether renting or buying is better for you, the best option for your wallet may depend on where you live.
USA Today analysis of apartment list data shows that there are 17 metro areas across the country. The median rent is below $1,000 a month, indicating a national median of $1,402, just a fraction of the cost of some pricing metros.
The shortage of affordable housing is having an impact. In its annual report released in June, researchers at Harvard University’s Joint Center for Housing Studies said the rental “affordable prices” reached an all-time high for the third year in a row.
In 2023, 22.6 million tenants were considered “cost collateral.” This means that you spend more than 30% of your income on housing and utilities. Meanwhile, 12.1 million households were deemed “a severe burden.” This means that these costs eat up more than 50% of your income.
High housing costs are not only felt in expensive cities and coastal areas. From 2019 to 2023, Harvard Reports rose in 43 of the 50 states, with 89 in the country’s largest 100 metropolitan areas.
The scale of the problem also means that poor households are not just feeling in a pinch. In 2023, 70% of tenants who earned between $30,000 and $44,999, according to the report, earned the “center of the income scale.”
“Stable employment is also increasingly easing against rising costs,” the report said. More than a third of renter households struck by costs were led by full-time workers.
With all this in mind, there are several places in America that ignore the odds and remain deeply affordable. As of July, apartment list data shows more than a dozen metro areas in nine states. In this state, the median total rent prices for all units (not just one or two bedrooms) was under $1,000.
By comparing it, the most expensive metro was Hoboken, New Jersey, with a median value of $3,603 and San Mateo, California at $3,518.
Not everyone has the option of simply picking up and moving, but these affordable areas may be ideal for Americans working remotely or those with transferable skills.
