The Cheapest Places to Rent
This article originally appeared on GOBankingRates.com: The Cheapest Places to Rent
While homeownership has long been considered a fundamental part of the traditional American dream, plenty of Americans simply can’t afford to save up for a down payment — let alone cover the costs of a mortgage and property taxes while also saving for inevitable repairs. That’s why millions of Americans are still renters and might expect to be so for the foreseeable future.
And while no one likes to pay rent, that burden is significantly easier depending on where you live, based on a study by GOBankingRates. The study compiled data on the median rental price for different sizes and types of living spaces across the 150 largest cities in America, then scored each and combined the averages to reveal the cheapest places to rent in the country. Before uprooting to a new city, it’s financially savvy to find out if you can afford the rent.
50. Baton Rogue, La.
Median Rent One-Bedroom Apartment: $975
Median Rent Two-Bedroom Apartment: $1,109
Median Rent Single-Family Residence: $1,350
Baton Rouge is a cheaper place to rent than most, with a single-family residence costing $1,350 a month. It’s also still one of the cities where you should own a home instead of renting.
49. North Las Vegas, Nev.
Median Rent One-Bedroom Apartment: $917
Median Rent Two-Bedroom Apartment: $1,140
Median Rent Single-Family Residence: $1,383
North Las Vegas might have pretty affordable rent, but it’s not a housing market that’s without problems. In fact, Las Vegas is one of the cities in danger of a housing crisis, according to a previous study.
48. Mesa, Ariz.
Median Rent One-Bedroom Apartment: $890
Median Rent Two-Bedroom Apartment: $1,060
Median Rent Single-Family Residence: $1,450
The low cost of renting in Mesa is just one of the reasons it’s among the cities where you can realistically live on minimum wage.
47. Boise, Idaho
Median Rent One-Bedroom Apartment: $975
Median Rent Two-Bedroom Apartment: $995
Median Rent Single-Family Residence: $1,400
The fact that Boise’s at the bottom end of this list is something of a double-edged sword. The city is still a cheaper place to rent than more than 100 U.S. cities, but the fact that property owners are still making more than those in 46 other cities in this study probably has a lot to do with why it’s one of the best cities to own investment property.
46. Columbus, Ga.
Median Rent One-Bedroom Apartment: $925
Median Rent Two-Bedroom Apartment: $1,095
Median Rent Single-Family Residence: $1,295
If you have a small family and think you can save some money by getting a two-bedroom apartment instead of renting a single-family home, it might not be worth it in Columbus: The median single-family residence will cost you just $200 more than an apartment.
45. Columbus, Ohio
Median Rent One-Bedroom Apartment: $925
Median Rent Two-Bedroom Apartment: $1,095
Median Rent Single-Family Residence: $1,295
Columbus finishes low on this list, but it’s still a pretty affordable place to call home. It’s also among the best places to retire with cheap rent.
44. Louisville, Ky.
Median Rent One-Bedroom Apartment: $922
Median Rent Two-Bedroom Apartment: $1,095
Median Rent Single-Family Residence: $1,197
Louisville’s low housing costs make it a great city to call home. It’s also a pretty good place to call a second home, as well. Louisville is one of the best places to get a vacation home, a GOBankingRates study found.
43. Omaha, Neb.
Median Rent One-Bedroom Apartment: $819
Median Rent Two-Bedroom Apartment: $1,050
Median Rent Single-Family Residence: $1,345
Not only will Omaha give residents a chance to really save money on rent, but the odds are good that you’ll be making more when you live there as it’s one of the cities with high salaries and low living costs.
42. Newport News, Va.
Median Rent One-Bedroom Apartment: $940
Median Rent Two-Bedroom Apartment: $975
Median Rent Single-Family Residence: $1,250
One thing that isn’t news to residents of this city? The fact that rent is pretty affordable. If you’re living on your own, consider putting together a home office or rec room: A second bedroom will only cost another $35 a month.
41. Buffalo, N.Y.
Median Rent One-Bedroom Apartment: $925
Median Rent Two-Bedroom Apartment: $1,100
Median Rent Single-Family Residence: $1,100
While residents of Buffalo clearly aren’t complaining about the low rent in their city, it isn’t necessarily a good sign in this case: Buffalo is among the U.S. cities that are getting poorer.
40. Chattanooga, Tenn.
Median Rent One-Bedroom Apartment: $865
Median Rent Two-Bedroom Apartment: $980
Median Rent Single-Family Residence: $1,295
That median rent under $1,000 for a two-bedroom apartment means a couple living in Chattanooga can expect to get by on less. That’s part of why the city is one of the cheapest places to retire.
39. Lincoln, Neb.
Median Rent One-Bedroom Apartment: $808
Median Rent Two-Bedroom Apartment: $995
Median Rent Single-Family Residence: $1,300
Lincoln’s a relatively inexpensive place to live. Lower rent is definitely a big part of that, but it’s just one factor that contributes to Lincoln being one of the cities where your paycheck stretches the furthest.
38. Kansas City, Mo.
Median Rent One-Bedroom Apartment: $950
Median Rent Two-Bedroom Apartment: $1,071
Median Rent Single-Family Residence: $1,025
Many of the largest cities in the country didn’t find their way onto this list, possibly because larger cities tend to have more competitive housing markets. Kansas City, though, offers cheap living despite a large population. In fact, it’s one of the best big cities for renters.
37. Gainesville, Fla.
Median Rent One-Bedroom Apartment: $750
Median Rent Two-Bedroom Apartment: $975
Median Rent Single-Family Residence: $1,350
Gainesville isn’t just an inexpensive place to live; it could also play a big role in you having a much healthier lifestyle as it’s one of the most bike-friendly cities in the country.
36. Saint Louis
Median Rent One-Bedroom Apartment: $895
Median Rent Two-Bedroom Apartment: $1,100
Median Rent Single-Family Residence: $1,000
Saint Louis is another city where you actually pay more on average for a single-family residence than a two-bedroom apartment, making it a relatively easy decision for a family interested in more space. Either way, those low rents help make it one of the cities where you can live on $50,000 or less.
35. Albuquerque, N.M.
Median Rent One-Bedroom Apartment: $750
Median Rent Two-Bedroom Apartment: $961
Median Rent Single-Family Residence: $1,300
Albuquerque’s median one-bedroom apartment costs just $750 a month in rent, which is just part of why it’s one of the best cities for your paycheck.
34. Knoxville, Tenn.
Median Rent One-Bedroom Apartment: $750
Median Rent Two-Bedroom Apartment: $955
Median Rent Single-Family Residence: $1,300
The $345-a-month jump from a two-bedroom apartment to a single-family residence means a lot of families might find it well worth it to go with a smaller place to live to save money, especially given that Knoxville is among the cities with low costs and salaries.
33. Kansas City, Kan.
Median Rent One-Bedroom Apartment: $900
Median Rent Two-Bedroom Apartment: $963
Median Rent Single-Family Residence: $1,050
If you really don’t mind living in a tiny place and want to save money by going smaller, Kansas City is probably not the market for you. A second bedroom only costs you another $63 a month, and a single-family residence is only $150 a month more than a one-bedroom apartment and $87 a month more than a two-bedroom apartment.
32. Rochester, N.Y.
Median Rent One-Bedroom Apartment: $775
Median Rent Two-Bedroom Apartment: $975
Median Rent Single-Family Residence: $1,200
Rochester’s housing costs fall in some fairly neat tiers. However, plenty of people might be looking at that low price for a one-bedroom given that Rochester is one of the cities where wealth is declining.
31. Lexington, Ky.
Median Rent One-Bedroom Apartment: $775
Median Rent Two-Bedroom Apartment: $905
Median Rent Single-Family Residence: $1,250
Lexington’s low rent — particularly for the two-bedroom apartment — is part of why it’s one of the best cities for minimum-wage earners.
30. Fresno, Calif.
Median Rent One-Bedroom Apartment: $705
Median Rent Two-Bedroom Apartment: $900
Median Rent Single-Family Residence: $1,325
Based on the rent for a single-bedroom residence, Fresno should be ranked much higher in this study. However, its overall place in the study is dragged down by having one of the highest costs to rent a single-family residence. That said, if you’re thinking of moving there, you should know that there’s a good chance those figures will be going up: Fresno is among the cities where the cost of living is rising fast.
29. Milwaukee
Median Rent One-Bedroom Apartment: $813
Median Rent Two-Bedroom Apartment: $965
Median Rent Single-Family Residence: $1,000
The gap in monthly costs from a one-bedroom apartment to a single-family residence in Milwaukee is under $200, but it’s about $150 from a one-bedroom to a two-bedroom. So, if you’re a Wisconsinite looking to upgrade your living space, it might make sense to skip right past the two-bedroom options.
28. Winston-Salem, N.C.
Median Rent One-Bedroom Apartment: $784
Median Rent Two-Bedroom Apartment: $850
Median Rent Single-Family Residence: $1,150
Despite being among the cheapest 30 cities to rent in the U.S., Winston-Salem has lower income levels and higher poverty rates among seniors. That’s part of the reason why it’s one of the worst cities for retirees.
27. Birmingham, Ala.
Median Rent One-Bedroom Apartment: $946
Median Rent Two-Bedroom Apartment: $975
Median Rent Single-Family Residence: $800
You can rent a single-family residence for just $800 in Birmingham — almost $150 a month less than a one-bedroom apartment. That’s an odd wrinkle for the city, but one explanation might be that houses are easy to come by at the moment: Birmingham is among the major U.S. cities where home prices are falling.
26. Tucson, Ariz.
Median Rent One-Bedroom Apartment: $639
Median Rent Two-Bedroom Apartment: $845
Median Rent Single-Family Residence: $1,250
Tucson is another city where the cost to rent a one-bedroom apartment is much better than its ranking would indicate. But its cost to rent a single-family residence keeps it from rising higher up this list. That higher rent is probably a big part of why Tucson is one of the cities where it’s cheaper to own a home.
25. Sioux Falls, S.D.
Median Rent One-Bedroom Apartment: $695
Median Rent Two-Bedroom Apartment: $825
Median Rent Single-Family Residence: $1,150
Sioux Falls is one of just 21 cities on this list where the median rent for a one-bedroom apartment is under $700. So, it might be worth it to scale down your dwelling despite the affordable $825 a month for a median two-bedroom apartment.
24. Indianapolis
Median Rent One-Bedroom Apartment: $780
Median Rent Two-Bedroom Apartment: $860
Median Rent Single-Family Residence: $975
You won’t need to include a comma on your rent check for any of the three rental categories examined in this study when you rent in the Crossroads of America. So, it shouldn’t be much of a surprise that it’s one city where you can get a decent-sized apartment for $1,000 or less.
23. Lubbock, Texas
Median Rent One-Bedroom Apartment: $626
Median Rent Two-Bedroom Apartment: $830
Median Rent Single-Family Residence: $1,200
The cost for a median one-bedroom apartment in Lubbock is nearly half that of a single-family residence, meaning that you can save a lot here by scaling down your lifestyle. That might not be great for a young family looking to expand their living space, but it’s likely a big part of what makes Lubbock one of the best places to retire on a budget.
22. Greensboro, N.C.
Median Rent One-Bedroom Apartment: $692
Median Rent Two-Bedroom Apartment: $828
Median Rent Single-Family Residence: $1,100
Greensboro is another city where you can rent an average one-bedroom apartment for under $700 a month, and the costs for a larger space are still pretty low as well. It’s all part of why Greensboro is one of the best places to retire with low rent.
21. Pensacola, Fla.
Median Rent One-Bedroom Apartment: $713
Median Rent Two-Bedroom Apartment: $775
Median Rent Single-Family Residence: $1,100
A two-bedroom apartment in Pensacola is very inexpensive, so whether you have a clear plan for it or not, it’s hard not to consider getting a place with a second bedroom for an additional $62 a month. Of course, you might still want to buy in one of the places in America where homes are still affordable.
20. Oklahoma City
Median Rent One-Bedroom Apartment: $700
Median Rent Two-Bedroom Apartment: $830
Median Rent Single-Family Residence: $1,000
The $1,000 a month cost to rent a median single-family residence in Oklahoma City is pretty low, but it’s also in line with the costs for one- and two-bedroom apartments, which are also pretty inexpensive. All told, it shouldn’t be too surprising in one of the cheapest states to live.
19. Roanoke, Va.
Median Rent One-Bedroom Apartment: $735
Median Rent Two-Bedroom Apartment: $825
Median Rent Single-Family Residence: $950
While rent for apartments is low, that median rent on a single-family residence of $950 — one of just 18 cities where such a home rents for under $1,000 a month — is the real star here, helping push Roanoke up the rankings in this study.
18. El Paso, Texas
Median Rent One-Bedroom Apartment: $590
Median Rent Two-Bedroom Apartment: $775
Median Rent Single-Family Residence: $1,195
El Paso’s sub-$600 rent for a one bedroom is among the lowest rates you’re going to find. However, there’s a chance that the local economy could mean that rate is going to be on the rise. El Paso is one of the U.S. cities getting richer.
17. Little Rock, Ark.
Median Rent One-Bedroom Apartment: $695
Median Rent Two-Bedroom Apartment: $777
Median Rent Single-Family Residence: $1,000
Little Rock’s sub-$700 rent for a median one-bedroom apartment means living a simplified lifestyle is especially easy here. That’s partially why it’s one of the best places to live on a fixed income.
16. Memphis, Tenn.
Median Rent One-Bedroom Apartment: $750
Median Rent Two-Bedroom Apartment: $750
Median Rent Single-Family Residence: $895
Unless you really hate bedrooms, there doesn’t appear to be any reason not to spring for a second one when you’re looking at apartments in Memphis: The median rent for apartments is the same for your one- and two-bedroom options.
15. Amarillo, Texas
Median Rent One-Bedroom Apartment: $500
Median Rent Two-Bedroom Apartment: $736
Median Rent Single-Family Residence: $1,200
At just $500 a month, rent for a one-bedroom apartment in Amarillo is among the five lowest in this study. However, the $1,200 it costs to rent a single-family residence pushed Amarillo down in the overall rankings.
14. Fayetteville, N.C.
Median Rent One-Bedroom Apartment: $650
Median Rent Two-Bedroom Apartment: $735
Median Rent Single-Family Residence: $975
Fayetteville is one of the best places to live in the U.S. And, it’s one of the 18 cities where you can rent a single-family home for under $1,000.
13. Mobile, Ala.
Median Rent One-Bedroom Apartment: $597
Median Rent Two-Bedroom Apartment: $789
Median Rent Single-Family Residence: $950
There are just 11 cities in this study where you can rent a one bedroom for under $600 a month. And that’s just part of why you might find it easier to get by in Mobile: Alabama is one of the states with the lowest cost of living.
12. Wichita, Kan.
Median Rent One-Bedroom Apartment: $650
Median Rent Two-Bedroom Apartment: $745
Median Rent Single-Family Residence: $875
The universally low rents in Wichita — including just $875 a month for a single-family residence — are part of why Wichita is one of the cities where you can live on $60,000 or less.
11. Tulsa, Okla.
Median Rent One-Bedroom Apartment: $585
Median Rent Two-Bedroom Apartment: $725
Median Rent Single-Family Residence: $975
While you can rent a single-family residence for under $1,000 a month in Tulsa, you might still consider buying. Tulsa is one of the cities where home prices are getting slashed.
10. Detroit
Median Rent One-Bedroom Apartment: $615
Median Rent Two-Bedroom Apartment: $750
Median Rent Single-Family Residence: $800
Rents in the Motor City are very low, with just $615 being all you need to rent a one-bedroom apartment and another $175 being all it takes to upgrade to renting a single-family residence. But if you’re a young professional, you still might want to seriously consider investing in buying a house in the area: Detroit is among the best cities for aspiring millennial homeowners.
9. Shreveport, La.
Median Rent One-Bedroom Apartment: $610
Median Rent Two-Bedroom Apartment: $700
Median Rent Single-Family Residence: $850
Shreveport gives you plenty of options for housing on a budget, with a single-family home renting for just $850 a month and a one-bedroom going for just over $600.
8. Topeka, Kan.
Median Rent One-Bedroom Apartment: $550
Median Rent Two-Bedroom Apartment: $695
Median Rent Single-Family Residence: $850
It shouldn’t be too surprising that Topeka is one of the great places to live for $1,000 or less. If you’re renting a median one-bedroom apartment there, you’ll still have almost half your budget left after paying rent.
7. Rockford, Ill.
Median Rent One-Bedroom Apartment: $550
Median Rent Two-Bedroom Apartment: $650
Median Rent Single-Family Residence: $880
While still pretty cheap, the $880 monthly price to rent a single-family residence is high enough that it’s costing Rockford — which is among the five cities with the lowest rent for a two-bedroom apartment — a spot among the top five in this ranking.
6. Killeen, Texas
Median Rent One-Bedroom Apartment: $483
Median Rent Two-Bedroom Apartment: $575
Median Rent Single-Family Residence: $995
The $483 a month rent for a one-bedroom apartment in Killeen is the second-lowest rate in this study, and the $575 a month is the lowest rent for a two bedroom. But once again, the good-but-not-great price on a single-family residence in the city keeps Killeen out of the top five overall.
5. Akron, Ohio
Median Rent One-Bedroom Apartment: $550
Median Rent Two-Bedroom Apartment: $685
Median Rent Single-Family Residence: $775
Unlike the last two cities on this list, Akron is in the top five and owes its low cost to rent a single-family residence for that status. At just $775 a month, it’s one of just four cities where that figure is under $800.
4. Fort Wayne, Ind.
Median Rent One-Bedroom Apartment: $525
Median Rent Two-Bedroom Apartment: $700
Median Rent Single-Family Residence: $760
Renting a two-bedroom apartment for $700 a month should feel like a steal, but in Fort Wayne — where another $60 a month would allow you to rent a single-family home — that option might not seem as good. But, for someone earning minimum wage, that $525 a month for a one bedroom must be a relief.
3. Toledo, Ohio
Median Rent One-Bedroom Apartment: $475
Median Rent Two-Bedroom Apartment: $695
Median Rent Single-Family Residence: $800
Toledo has the lowest median rent for a one-bedroom apartment of any of the 150 largest cities in the entire country. And, it’s among the top five for the cost to rent a single-family residence as well.
2. Evansville, Ind.
Median Rent One-Bedroom Apartment: $495
Median Rent Two-Bedroom Apartment: $653
Median Rent Single-Family Residence: $724
Evansville is one of just three cities where the median rent for a one-bedroom apartment costs less than $500 a month. And, as one of the cities where home prices are rising fast, renting might be all the more appealing.
1. Springfield, Mo.
Median Rent One-Bedroom Apartment: $525
Median Rent Two-Bedroom Apartment: $595
Median Rent Single-Family Residence: $695
Of America’s 150 most-populous cities, Springfield has the second-lowest cost to rent a two-bedroom apartment and the lowest cost for a single-family residence.
Cheapest Places to Rent in the US
While many Americans are interested in ultimately owning their own home, that can come with a lot of hidden costs — like property taxes and repairs. When you can rent for as little as you can in many of these cities, forgoing ownership can actually make a lot of financial sense, even if you can afford a down payment and a mortgage.
And that might be especially true in Indiana and Ohio. Those two states have six cities on the list combined, including four of the five cheapest places to rent.
Click through to see cities where you can buy a house for less than $100,000.
More on Saving Money on Your Home
Methodology: GOBankingRates used June 2018 data from Zillow.com — sourced July 27, 2018 — on the median rent for a one-bedroom apartment, the median rent for a two-bedroom apartment and the median rent for a single-family residence to calculate the cheapest cities to rent an apartment based on the 150 most populous cities in the U.S.
