Cities Where Many Renters Pay Under $1,000 a Month

Finding an affordable apartment in a big city can be tough, but it's still possible in certain places like Oklahoma City and Pittsburgh, where rents often remain below $1,000 per month.

In 2023, about 32% of renters in the 50 largest metropolitan areas in the United States paid less than $1,000 monthly for their apartments, according to a recent report from the real estate company Redfin, which bases its analysis on Census data targeting buildings with at least five units. This is a decrease from 2012, when nearly 50% of renters enjoyed such affordability.

"Renters are finding it harder to locate affordable housing as rents climb," noted Sheharyar Bokhari, a senior economist at Redfin, in the report.

He added that rent prices have soared by 20% compared to pre-pandemic levels. This scarcity of affordable apartments compels lower-income people to make difficult choices, like living with more roommates or settling for apartments that are far from work or smaller in size.

Check out: How to Secure an Apartment Even with a Not-So-Great Past as a Tenant

However, the news isn't all bad. There are still cities offering a balanced urban lifestyle without the extreme costs associated with locations like San Diego or Miami.
 

Cities With the Most Rents Under $1,000

 

1. Oklahoma City, Oklahoma - 64.3%
2. New Orleans, Louisiana - 63.5%
3. Cleveland, Ohio - 63.4%
4. Louisville, Kentucky - 57.6%
5. Pittsburgh, Pennsylvania - 55.8%
6. Buffalo, New York - 55.2%
7. Cincinnati, Ohio - 54.9%
8. St. Louis, Missouri - 53.9%
9. Memphis, Tennessee - 53.5%
10. Milwaukee, Wisconsin - 49.5%
11. Detroit, Michigan - 49.3%
12. Providence, Rhode Island - 47%
13. Indianapolis, Indiana - 46.7%
14. Birmingham, Alabama - 44%
15. Kansas City, Missouri - 43%

However, the challenges continue as even in these more affordable cities, rent prices are rising.

For example, in Cleveland, the median rent surged by 11.1% in just one year. Similar trends are seen in Cincinnati and Louisville, attracting more people due to their affordability.

Moreover, stable low rental costs mean that many who pay less than $1,000 prefer staying put; shifting places would likely mean higher expenses. Only about 7.5% of current listings are priced under $1,000.

In conclusion, while the overall availability of cheaper rent options is dwindling, some cities still maintain a significant portion of rentals under $1,000, offering a glimmer of hope for budget-conscious renters.

Dig deeper: Three Key Ways to Make Sure Everyone Can Get Help with Rent

In light of these challenges, there's an opportunity for government intervention to help alleviate the housing crisis. Expanding affordable housing initiatives and providing rental assistance programs can play a significant role in ensuring that more individuals and families have access to safe and stable homes. 

By investing in affordable housing development and supporting local initiatives, cities can work towards reversing the trend of rising rents, ultimately making it easier for residents to find suitable living arrangements without exceeding their budgets.

Find out more: A Simple Guide to Federal Rental Assistance

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