Living in a major city comes with many perks. Urban areas team with entertainment, cultural venus, food, and job opportunities. Yet if you make a large U.S. city your home, you will likely pay a high price in rent.
Rents in large metros generally do not come cheap, and prices have risen. In its March report, Rent.com reports the average rent for a one-bedroom apartment in the U.S. was $1,685, a 24.4% year-over-year hike. Two-bedroom apartments rent for $1,997, 21.8% higher than a year ago. Or, you could move to the cheapest cities where everyone wants to live right now.
Although you can find cheaper digs – say, for $1,500 – you will likely be cramped into a very small apartment in most cities. To identify how much an apartment $1,500 can get you in America’s largest cities, 24/7 Wall St. used square footage estimates based on real estate prices from RentCafe.com. Average apartment rent and sizes also come from RentCafe, while population figures came from the American Community Survey 5-Year Estimates. Cities are ordered by population size.
For $1,500, the smallest apartment is in – where else? – New York City. There, you will fork over $1,500 every month for a paltry 262 square feet, which is about the average size of a master bedroom in a home of 2,000 to 3,000 square feet, according to Homedit.com. Basically, 262 square feet is a tiny studio with a small kitchen and bathroom. Or you could move in with Mom and Dad. These are the states where most adults live with their parents.
On the other hand, $1,500 gets you a spacious 1,447 square feet in Tulsa, Oklahoma. Compare that to the average size of a U.S. home as of 2019 of 2,300 square feet, based on Rocket Mortgage estimates, and you are living quite large.
Sponsored: Find a Qualified Financial Advisor:
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.