In some U.S. cities like Oklahoma City and Pittsburgh, it's still common to find monthly rents under $1,000. However, in 2023, only about 32% of renters in America's 50 largest cities pay less than $1,000, a big drop from 50% in 2012.
This information comes from a study by the real estate firm Redfin, which used data from the Census and focused on larger apartment buildings.
High rents are making it tough for many people to afford living in cities. Since before the pandemic, rental prices have gone up by 20%, with the average rent now at $1,634.
People with limited budgets often have to live with roommates or choose homes with long commutes or less space to manage the higher rents.
Check out: How to Secure an Apartment Even with a Not-So-Great Past as a Tenant
Despite these challenges, some cities still offer affordable living without the very high costs found in places like San Diego or Miami.
Here are 15 cities where many renters find homes for under $1,000 a month:
- Oklahoma City, Oklahoma - 64.3%
- New Orleans, Louisiana - 63.5%
- Cleveland, Ohio - 63.4%
- Louisville, Kentucky - 57.6%
- Pittsburgh, Pennsylvania - 55.8%
- Buffalo, New York - 55.2%
- Cincinnati, Ohio - 54.9%
- St. Louis, Missouri - 53.9%
- Memphis, Tennessee - 53.5%
- Milwaukee, Wisconsin - 49.5%
- Detroit, Michigan - 49.3%
- Providence, Rhode Island - 47%
- Indianapolis, Indiana - 46.7%
- Birmingham, Alabama - 44%
- Kansas City, Missouri - 43%
However, it's becoming harder to find such affordable housing even in the more budget-friendly cities. For example, in Cleveland, median rents have increased by 11.1% in just one year.
Similarly, rents are rising in cities like Cincinnati and Louisville, which have attracted people because of their affordability. According to Redfin, only 7.5% of current apartment listings are priced under $1,000.
Many renters staying in affordable units tend to remain in their apartments for long periods to avoid higher rents elsewhere. With fewer cheap rentals available, this trend is likely to continue.
Dig deeper: Three Key Ways to Make Sure Everyone Can Get Help with Rent
In light of these challenges, there's an opportunity for government intervention to help alleviate the housing crisis. Expanding affordable housing initiatives and providing rental assistance programs can play a significant role in ensuring that more individuals and families have access to safe and stable homes.
By investing in affordable housing development and supporting local initiatives, cities can work towards reversing the trend of rising rents, ultimately making it easier for residents to find suitable living arrangements without exceeding their budgets.
Find out more: A Simple Guide to Federal Rental Assistance
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