Finding an apartment with reasonable rent in an area you love has always been a tricky process. If you’ve ever had to find an apartment in New York, you probably know that there are a few things you can do to make that process easier and to stack the odds in your favor for better rent and an apartment you’ll love.
You might be surprised to find out a few interesting statistics about rental prices in New York and other major U.S. cities, though. Check these out…
New York Isn’t the Most Expensive City in the U.S.
First off, it might surprise you to find out that New York actually doesn’t have the most expensive rental rates around. San Francisco gets that honor with a median rate of just under $3,600 per month for a one-bedroom apartment. New York isn’t far behind, though, with a median rate of $3,340 per month for a one-bedroom.
Memphis, TN Tops the List for Cheapest Places to Rent
On the other end of the spectrum, if you’re looking for a major city with really low cost of living, you might want to look into moving to Memphis. The median rental price on an average apartment here is $709 per month, and the median home value is just over $98,000.
At the same time, the median household income in Memphis is just $36,817, and the unemployment rate is a shocking 10%, even though three Fortune 500 companies call Memphis home. So, if you have a good job that will allow you to move to Memphis, you might enjoy the low rental rates, but if you’re looking to move there to find work, you might want to look elsewhere.
Portland, OR Is Surprisingly Inexpensive
If you’re looking for a city with a lot to offer that won’t cost you a ton in rent, you might want to look across the country at Portland. This hip city boasts a median rental rate of $905. Add to that the fact that you won’t spend any money on sales tax when you move to Portland, and you’re looking at some serious savings.
Seattle Is the San Francisco of the Pacific Northwest
While Portland is surprisingly cheap for how popular the city is, Seattle’s rental rates are much higher. The median rent for a two-bedroom apartment is $2,293 per month, and it’s estimated that you’d need to make over $98,000 per year in income to live comfortably there.
Atlanta, GA Rental Prices Are on the Rise
Thanks to recent and ongoing projects like the Beltline multi-use path running through the city, Ponce City Market’s live-work-play development, and a lot of other developments around town, living in Atlanta is getting a lot more expensive. Georgia may still be the cheapest place to film big budget Hollywood movies (gaining the nickname “Y’allywood”), but the average rental rate for a two-bedroom apartment in the city is now over $1,400 and climbing.
Austin, TX Is the 10th Most Expensive City in the U.S.
The final surprising fact we’ll leave you with is that Austin – home of so many “Keep Austin Weird” bumper stickers – is actually the 10th most expensive city in the whole country to live in. The median rental rate for a one-bedroom apartment here is $1,150 per month, and with more and more people around the country turning their eye to the home of the South-by-Southwest music festival, we expect that rate to increase even more over the next few years.
As you look at these statistics and facts, keep in mind that average and median incomes in these cities vary, as well. While New York may be one of the most expensive cities to live in, residents here also have higher income than other places in the U.S. And, with a few tips and tricks, you can always find a great place to live that won’t cost you your entire monthly budget.