10 Big City Neighborhoods Where Rents Are Cheap

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As home prices continue to march higher and the nation’s inventory of entry-level homes for sale remains low, more Americans find themselves renting a place to live. In fact, rental levels have reached a level not seen since the mid- to late-1960s. According to a report last year from the Pew Research Center, 37% of U.S. households are rentals.

In the country’s large cities, however, rents are rising nearly as fast as sales prices. That makes it even tougher for potential first-time buyers to save for a down payment and buy a home of their own.

According to Danielle Hale, chief economist at Realtor.com, that’s changing the landscape for renters:

Because of high home prices and rising rents, people are getting creative and looking [for rental apartments] in areas that they might not have looked at before. When you’re looking for affordability, you’ve got to make trade-offs.

Researchers at Realtor.com unearthed 10 big-city neighborhoods that met the following criteria: within a 45-minute commute to downtown during the morning rush hour; a crime rate that did not rise above a certain threshold; and a significant number of listings for rental units. The results include the median price for a one-bedroom unit, the median one-bedroom rent in a particular neighborhood (by Zip code) and the share of renter households in the neighborhood. Here’s their list.

New York City, New York
Median one-bedroom rent: $2,860
Most affordable neighborhood: Arrochar, Staten Island (10305)
Median one-bedroom rent: $1,475
Share of renter households: 34.1%

Los Angeles, California
Median one-bedroom rent: $2,340
Most affordable neighborhood: North Hollywood/Sun Valley (91605)
Median one-bedroom rent: $1,623
Share of renter households: 61.8%

Chicago, Illinois
Median one-bedroom rent: $1,500
Most affordable neighborhood: Dunning (60634)
Median one-bedroom rent: $950
Share of renter households: 28.7%

Dallas, Texas
Median one-bedroom rent: $1,310
Most affordable neighborhood: Lake Highlands (75238)
Median one-bedroom rent: $827
Share of renter households: 51.4%

Houston, Texas
Median one-bedroom rent: $1,300
Most affordable neighborhood: Fairbanks/Northwest Crossing (77040)
Median one-bedroom rent: $733
Share of renter households: 47.2%

Philadelphia, Pennsylvania
Median one-bedroom rent: $1,490
Most affordable neighborhood: Holmesburg (19136)
Median one-bedroom rent: $750
Share of renter households: 38.8%

Washington, DC
Median one-bedroom rent: $2,140
Most affordable neighborhood: Michigan Park/Brookland (20017)
Median one-bedroom rent: $1,620
Share of renter households: 44.2%

Miami, Florida
Median one-bedroom rent: $1,800
Most affordable neighborhood: Sunset (33173)
Median one-bedroom rent: $1,300
Share of renter households: 28.7%

Atlanta, Georgia
Median one-bedroom rent: $1,420
Most affordable neighborhood: Doraville (30360)
Median one-bedroom rent: $836
Share of renter households: 43.7%

Boston, Massachusetts
Median one-bedroom rent: $2,300
Most affordable neighborhood: Roslindale (02131)
Median one-bedroom rent: $1,600
Share of renter households: 44.9%

San Francisco, California
Median one-bedroom rent: $3,490
Most affordable neighborhood: Parkmerced (94132)
Median one-bedroom rent: $2,588
Share of renter households: 56.4%

For more details and comments on these neighborhoods, visit the Realtor.com website.