For renters in New York City or Los Angeles, apartments available for less than $1,000 are mere urban legends.
For renters in Wichita, Kansas, meanwhile, they’re a dime a dozen.
A new study by Zillow, reported by the New York Times, combed the US to find major cities where three-figure rents are more than a mere myth. At a time when housing eats up a large proportion of most household budgets — the line item has grown faster than American incomes for years — these metros offer a glimmer of hope.
A view of downtown Wichita, where a bulk of rentals are available for less than $1,000. Jacob – stock.adobe.com
Renters on a budget can look to Southern or Midwestern states for the best deals. Jacob Lund – stock.adobe.comAs it turns out, however, there aren’t many ultra-thrifty metros left. Among the 100 largest cities in the country, just 13 possess a rental housing stock with more than one third of prices below $1,000.
The holdouts, unsurprisingly, are largely concentrated in smaller Midwestern and Southern cities. The two regions maintain a reputation for cheap housing relative to their Northeastern and Western counterparts.
Wichita has the most bang for renter’s bucks with 54% of rental listings there priced under $1,000.
The COVID-19 boomtown of McAllen, Texas trailed behind Wichita as the only other top-100 metro with a high proportion of rents below four figures, according to Zillow.
Toledo, Ohio offers cheap rents — for apartments and single-family homes. Nicholas J. Klein – stock.adobe.com
Most renters need to save for more than eight years to afford a down payment on the typical home. Ajax9 – stock.adobe.comThe study’s top five was rounded out by smaller areas like Little Rock, Arkansas; Toledo, Ohio; and Oklahoma City, Oklahoma. All three metros offered rental markets where more than 40% of apartments were available for less than a grand.
While these prices might not manage to send renters packing for Kansas or Ohio, it certainly makes these areas more attractive to aspiring homeowners. Renters today need to save 5% of their income for nearly nine years to save up for a 10% down payment on the typical home.
Northeastern hotspots are high in rental demand, but low in good deals. standret – stock.adobe.com
A housing boom allowed McAllen, Texas to rank among the country’s most affordable metros. UR HOME TXThe slimmest pickings for cheap apartments were found in East Coast cities, like Boston, Miami and Washington DC. Southern hotspot Charleston, South Carolina, too, offered few affordable listings. In these locales, 1.7% or fewer multifamily units for under $1,000 a month were up for grabs, according to Zillow.
Room rentals offer more flexibility for renters on a budget. Renting out a single bedroom for less than $1,000 is possible in 86 of the 100 metros Zillow surveyed, including pricey West Coast locales like Seattle.
While having an apartment to yourself in California or New York might break the bank, renters can find entire homes available for less than $1,500 in cities like Wichita and McAllen, as well as more nothern destinations like Toledo and Akron, Ohio.
