Renting is less expensive than buying in all 50 U.S. states, with the monthly cost of owning at least 50% more expensive than the monthly cost of renting in 21 U.S. metros. That’s not to say that rent can’t set you back in many major coastal areas where renters on a fixed budget typically sacrifice square footage or share an address with two or three roommates to make ends meet.
The best deals on rent? Head for the Midwest, Southeast and Southwest, according to a new study from RentCafe that ranked 200 U.S. cities for a balance between space, budget and location to understand how much rental space you can get for a fixed sum.
How small is small?
The words "square feet" can sometimes be confusing because it can be hard to get a rough picture of how much space a certain number of square feet takes up. To visualize square feet for an apartment, take Manhattan. Here you’ll pay about $1,500 rent for only 228 square feet of living space or about the same size as the average one-car garage. However, the space is more theoretical than reality as there are few, if any 228-square foot studios available in the city. The average studio apartment is about 440 square feet while a king-size mattress is about 42 square feet.
According to the study, $1,500 per month provides countless opportunities but cozier living spaces in places like Manhattan, NY, Brooklyn, NY, and Boston, versus Wichita, KS, and Toledo, OH, where you can get over 1,300 square feet of living space for a monthly rent of $1,500. Other key findings include:
Key findings from RentCafe's report
- California cities dominate the list for the least space, with 32 out of the top 50.
- The national average is 729 square feet for $1,500 in rent per month.
- Significant variations exist even among major cities. Specifically, Houston offers 983 square feet for the same price, while Los Angeles provides only 439 square feet
- In 62% of the 200 largest cities in the U.S., apartment seekers get more space than the national average.
- In Los Angeles, the amount of space you can get for $1,500 grew by 3% versus a year ago.
Top 10 cities in which you get the most space for $1,500
Top 10 cities in which you get the least space for $1,500
Check out the full report from RentCafe, which highlights the details of the largest cities for the most apartment space available for $1,500 per month, the big cities offering the least space for a monthly rent budget of $1,500, and how much space you can get for $1,500 in Texas (just for comparison).
