Buying a home is more affordable now than it’s been in years. Credit that to record-low mortgage rates and a drop in home prices between the first and second quarters of 2020, following a steady increase over the past eight years, according to Forbes. Still, many Americans aren’t jumping to buy a home. After all, the coronavirus pandemic put millions of people out of work, and others fear a future layoff. That’s why so many Americans remain renters and likely expect to rent for the foreseeable future.
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Powered by Money.com - Yahoo may earn commission from the links above. And while no one likes to pay rent, that burden differs depending on where you live, a GOBankingRates study shows. GOBankingRates compiled data on the median rental price for different sizes and types of living spaces across the 150 largest cities in America, then scored each and combined the averages to reveal the cheapest places to rent in the country. Before uprooting to a new city, it’s financially savvy to find out if you can afford the rent .
Last updated: Aug. 26, 2020
Population: 457,159
Median rent (single-family residence): $1,500
Median rent (1-bedroom): $1,170
Median rent (2-bedroom): $1,300
Population: 614,700
Median rent (single-family residence): $1,330
Median rent (1-bedroom): $1,340
Median rent (2-bedroom): $1,250
Population: 303,587
Median rent (single-family residence): $1,400
Median rent (1-bedroom): $1,190
Median rent (2-bedroom): $1,360
Population: 450,135
Median rent (single-family residence): $1,550
Median rent (1-bedroom): $1,120
Median rent (2-bedroom): $1,270
Population: 215,182
Median rent (single-family residence): $1,700
Median rent (1-bedroom): $980
Median rent (2-bedroom): $1,250
Population: 296,112
Median rent (single-family residence): $1,800
Median rent (1-bedroom): $900
Median rent (2-bedroom): $1,200
Compare: The Average Rent in Every State
Population: 626,637
Median rent (single-family residence): $1,600
Median rent (1-bedroom): $1,020
Median rent (2-bedroom): $1,230
Population: 245,514
Median rent (single-family residence): $1,500
Median rent (1-bedroom): $1,030
Median rent (2-bedroom): $1,280
Population: 491,194
Median rent (single-family residence): $1,600
Median rent (1-bedroom): $1,010
Median rent (2-bedroom): $1,200
Population: 224,300
Median rent (single-family residence): $1,500
Median rent (1-bedroom): $1,100
Median rent (2-bedroom): $1,150
Population: 223,787
Median rent (single-family residence): $1,340
Median rent (1-bedroom): $1,100
Median rent (2-bedroom): $1,300
Story Continues
Population: 236,986
Median rent (single-family residence): $1,530
Median rent (1-bedroom): $1,020
Median rent (2-bedroom): $1,150
Population: 392,462
Median rent (single-family residence): $1,650
Median rent (1-bedroom): $910
Median rent (2-bedroom): $1,150
Population: 245,592
Median rent (single-family residence): $1,400
Median rent (1-bedroom): $1,150
Median rent (2-bedroom): $1,000
Population: 324,692
Median rent (single-family residence): $1,550
Median rent (1-bedroom): $900
Median rent (2-bedroom): $1,080
From Alabama to Wyoming: The Cost of Living Across America
Population: 1,486,521
Median rent (single-family residence): $1,300
Median rent (1-bedroom): $980
Median rent (2-bedroom): $1,200
Population: 522,277
Median rent (single-family residence): $1,450
Median rent (1-bedroom): $850
Median rent (2-bedroom): $1,050
Population: 300,357
Median rent (single-family residence): $1,400
Median rent (1-bedroom): $850
Median rent (2-bedroom): $1,100
Population: 867,628
Median rent (single-family residence): $1,280
Median rent (1-bedroom): $950
Median rent (2-bedroom): $1,070
Population: 180,145
Median rent (single-family residence): $1,280
Median rent (1-bedroom): $940
Median rent (2-bedroom): $1,000
Population: 465,112
Median rent (single-family residence): $1,300
Median rent (1-bedroom): $860
Median rent (2-bedroom): $1,050
Population: 225,362
Median rent (single-family residence): $1,250
Median rent (1-bedroom): $960
Median rent (2-bedroom): $940
Population: 559,202
Median rent (single-family residence): $1,350
Median rent (1-bedroom): $800
Median rent (2-bedroom): $980
Find Out: Best Places in Every State To Live On a Fixed Income
Population: 214,804
Median rent (single-family residence): $1,320
Median rent (1-bedroom): $800
Median rent (2-bedroom): $1,010
Population: 280,849
Median rent (single-family residence): $1,250
Median rent (1-bedroom): $860
Median rent (2-bedroom): $1,000
Population: 257,575
Median rent (single-family residence): $1,400
Median rent (1-bedroom): $850
Median rent (2-bedroom): $850
Population: 617,032
Median rent (single-family residence): $1,130
Median rent (1-bedroom): $930
Median rent (2-bedroom): $1,000
Population: 481,417
Median rent (single-family residence): $1,000
Median rent (1-bedroom): $940
Median rent (2-bedroom): $1,100
Population: 596,886
Median rent (single-family residence): $1,000
Median rent (1-bedroom): $960
Median rent (2-bedroom): $1,040
Population: 318,734
Median rent (single-family residence): $1,250
Median rent (1-bedroom): $770
Median rent (2-bedroom): $940
Options: Best Places To Live On a $50,000 Salary in Every State
Population: 257,518
Median rent (single-family residence): $1,080
Median rent (1-bedroom): $850
Median rent (2-bedroom): $980
Population: 539,216
Median rent (single-family residence): $1,330
Median rent (1-bedroom): $700
Median rent (2-bedroom): $910
Population: 311,273
Median rent (single-family residence): $1,000
Median rent (1-bedroom): $800
Median rent (2-bedroom): $1,110
Population: 215,932
Median rent (single-family residence): $1,050
Median rent (1-bedroom): $890
Median rent (2-bedroom): $900
Population: 174,151
Median rent (single-family residence): $1,100
Median rent (1-bedroom): $740
Median rent (2-bedroom): $930
Population: 387,398
Median rent (single-family residence): $870
Median rent (1-bedroom): $950
Median rent (2-bedroom): $880
Population: 288,719
Median rent (single-family residence): $1,200
Median rent (1-bedroom): $700
Median rent (2-bedroom): $830
Population: 653,248
Median rent (single-family residence): $900
Median rent (1-bedroom): $880
Median rent (2-bedroom): $910
Population: 857,637
Median rent (single-family residence): $1,000
Median rent (1-bedroom): $810
Median rent (2-bedroom): $880
Affordable Living: 35 Cities Where You Can Afford To Live On Less Than $50,000
Population: 637,284
Median rent (single-family residence): $1,050
Median rent (1-bedroom): $750
Median rent (2-bedroom): $870
Population: 250,415
Median rent (single-family residence): $1,200
Median rent (1-bedroom): $580
Median rent (2-bedroom): $800
Population: 198,135
Median rent (single-family residence): $980
Median rent (1-bedroom): $690
Median rent (2-bedroom): $830
Population: 198,773
Median rent (single-family residence): $1,170
Median rent (1-bedroom): $560
Median rent (2-bedroom): $750
Population: 196,670
Median rent (single-family residence): $850
Median rent (1-bedroom): $750
Median rent (2-bedroom): $800
Population: 209,867
Median rent (single-family residence): $950
Median rent (1-bedroom): $690
Median rent (2-bedroom): $770
Population: 200,156
Median rent (single-family residence): $900
Median rent (1-bedroom): $640
Median rent (2-bedroom): $800
Population: 389,563
Median rent (single-family residence): $850
Median rent (1-bedroom): $620
Median rent (2-bedroom): $740
Population: 198,314
Median rent (single-family residence): $800
Median rent (1-bedroom): $550
Median rent (2-bedroom): $720
Population: 278,193
Median rent (single-family residence): $800
Median rent (1-bedroom): $500
Median rent (2-bedroom): $740
Population: 193,785
Median rent (single-family residence): $800
Median rent (1-bedroom): $560
Median rent (2-bedroom): $650
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Joel Anderson contributed to the reporting for this article.
Methodology: To find the 50 best cities for renters, GOBankingRates looked at the 150 largest cities in the United States, according to the Census Bureau’s 2018 American Community Survey, and used Zillow’s most recently released 2020 home value data to find each city’s (1) median list price for single-family rentals, (2) median list price for one-bedroom rentals, and (3) median list price for two-bedroom rentals. GOBankingRates then scored all cities with available data against each other on factors (1-3) and then ranked them based on their combined score. No. 1 is the overall best city for renters. All data was collected on and up to date as of Aug. 18, 2020.
This article originally appeared on GOBankingRates.com : These Are the 50 Best Cities for Renters
