Yahoo Finance How Much Apartment Can You Afford in 30 Different US Cities
Rent prices are on the rise in many major U.S. cities, and millions of Americans are having a tough time covering this expense. How much you’ll spend on rent largely depends on where you live and how much space you need or want.
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So, how much apartment can you afford in various big cities? GOBankingRates analyzed the largest cities by population, as sourced from the U.S. Census American Community Survey, that have a livability score of at least 75, which was sourced from AreaVibes. We found the average rent cost for an apartment with one bedroom, two bedrooms and the overall average as sourced from ApartmentList. Here’s a look at the cost of apartments around the U.S.
Colorado Springs, Colorado
Population total: 479,612
Household median income: $79,026
1-bedroom apartment average monthly rent: $1,201
2-bedroom apartment average monthly rent: $1,402
Overall apartment average monthly rent: $1,502
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Omaha, Nebraska
Population total: 489,201
Household median income: $70,202
1-bedroom apartment average monthly rent: $1,030
2-bedroom apartment average monthly rent: $1,259
Overall apartment average monthly rent: $1,204
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Atlanta
Population total: 494,838
Household median income: $77,655
1-bedroom apartment average monthly rent: $1,542
2-bedroom apartment average monthly rent: $1,543
Overall apartment average monthly rent: $1,538
Mesa, Arizona
Population total: 503,390
Household median income: $73,766
1-bedroom apartment average monthly rent: $1,198
2-bedroom apartment average monthly rent: $1,347
Overall apartment average monthly rent: $1,375
Kansas City, Missouri
Population total: 505,958
Household median income: $65,256
1-bedroom apartment average monthly rent: $1,120
2-bedroom apartment average monthly rent: $1,322
Overall apartment average monthly rent: $1,291
Milwaukee
Population total: 573,299
Household median income: $49,733
1-bedroom apartment average monthly rent: $951
2-bedroom apartment average monthly rent: $1,135
Overall apartment average monthly rent: $1,136
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Baltimore
Population total: 584,548
Household median income: $58,349
1-bedroom apartment average monthly rent: $1,209
2-bedroom apartment average monthly rent: $1,514
Overall apartment average monthly rent: $1,429
Las Vegas
Population total: 644,835
Household median income: $66,356
1-bedroom apartment average monthly rent: $1,101
2-bedroom apartment average monthly rent: $1,336
Overall apartment average monthly rent: $1,401
Portland, Oregon
Population total: 646,101
Household median income: $85,876
1-bedroom apartment average monthly rent: $1,408
2-bedroom apartment average monthly rent: $1,669
Overall apartment average monthly rent: $1,549
Boston
Population total: 665,945
Household median income: $89,212
1-bedroom apartment average monthly rent: $2,240
2-bedroom apartment average monthly rent: $2,359
Overall apartment average monthly rent: $2,330
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Washington, D.C.
Population total: 670,587
Household median income: $101,722
1-bedroom apartment average monthly rent: $2,120
2-bedroom apartment average monthly rent: $2,177
Overall apartment average monthly rent: $2,145
El Paso, Texas
Population total: 677,181
Household median income: $55,710
1-bedroom apartment average monthly rent: $903
2-bedroom apartment average monthly rent: $1,074
Overall apartment average monthly rent: $1,138
Oklahoma City
Population total: 681,088
Household median income: $64,251
1-bedroom apartment average monthly rent: $857
2-bedroom apartment average monthly rent: $1,052
Overall apartment average monthly rent: $1,068
Nashville, Tennessee
Population total: 684,103
Household median income: $71,328
1-bedroom apartment average monthly rent: $1,273
2-bedroom apartment average monthly rent: $1,416
Overall apartment average monthly rent: $1,421
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Seattle
Population total: 734,603
Household median income: $116,068
1-bedroom apartment average monthly rent: $1,895
2-bedroom apartment average monthly rent: $2,365
Overall apartment average monthly rent: $2,031
San Francisco
Population total: 851,036
Household median income: $136,689
1-bedroom apartment average monthly rent: $2,698
2-bedroom apartment average monthly rent: $3,198
Overall apartment average monthly rent: $2,673
Charlotte, North Carolina
Population total: 875,045
Household median income: $74,070
1-bedroom apartment average monthly rent: $1,303
2-bedroom apartment average monthly rent: $1,421
Overall apartment average monthly rent: $1,433
Indianapolis
Population total: 882,006
Household median income: $59,110
1-bedroom apartment average monthly rent: $1,041
2-bedroom apartment average monthly rent: $1,233
Overall apartment average monthly rent: $1,210
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Columbus, Ohio
Population total: 902,449
Household median income: $62,994
1-bedroom apartment average monthly rent: $1,092
2-bedroom apartment average monthly rent: $1,331
Overall apartment average monthly rent: $1,296
Fort Worth, Texas
Population total: 924,663
Household median income: $72,726
1-bedroom apartment average monthly rent: $1,179
2-bedroom apartment average monthly rent: $1,361
Overall apartment average monthly rent: $1,381
Jacksonville, Florida
Population total: 950,203
Household median income: $64,138
1-bedroom apartment average monthly rent: $1,140
2-bedroom apartment average monthly rent: $1,359
Overall apartment average monthly rent: $1,391
Austin, Texas
Population total: 958,202
Household median income: $86,556
1-bedroom apartment average monthly rent: $1,302
2-bedroom apartment average monthly rent: $1,585
Overall apartment average monthly rent: $1,470
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San Jose, California
Population total: 1,001,176
Household median income: $136,010
1-bedroom apartment average monthly rent: $2,429
2-bedroom apartment average monthly rent: $2,882
Overall apartment average monthly rent: $2,792
Dallas
Population total: 1,300,642
Household median income: $63,985
1-bedroom apartment average monthly rent: $1,237
2-bedroom apartment average monthly rent: $1,464
Overall apartment average monthly rent: $1,354
San Diego
Population total: 1,383,987
Household median income: $98,657
1-bedroom apartment average monthly rent: $1,968
2-bedroom apartment average monthly rent: $2,466
Overall apartment average monthly rent: $2,309
San Antonio, Texas
Population total: 1,445,662
Household median income: $59,593
1-bedroom apartment average monthly rent: $1,033
2-bedroom apartment average monthly rent: $1,272
Overall apartment average monthly rent: $1,209
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Philadelphia
Population total: 1,593,208
Household median income: $57,537
1-bedroom apartment average monthly rent: $1,289
2-bedroom apartment average monthly rent: $1,491
Overall apartment average monthly rent: $1,410
Phoenix
Population total: 1,609,456
Household median income: $72,092
1-bedroom apartment average monthly rent: $1,168
2-bedroom apartment average monthly rent: $1,393
Overall apartment average monthly rent: $1,363
Chicago
Population total: 2,721,914
Household median income: $71,673
1-bedroom apartment average monthly rent: $1,560
2-bedroom apartment average monthly rent: $1,699
Overall apartment average monthly rent: $1,683
New York City
Population total: 8,622,467
Household median income: $76,607
1-bedroom apartment average monthly rent: $2,197
2-bedroom apartment average monthly rent: $2,317
Overall apartment average monthly rent: $2,302
Methodology. For this study, GOBankingRates analyzed the largest cities by population as sourced from the US Census American Community Survey. For each city, a number of factors were found including; total population, total households, median household income all sourced from the US Census American Community Survey, the cost of living indexes as sourced from Sperlings BestPlaces, the livability index as sourced from AreaVibes, and the average rent cost for an apartment with one bedroom, two bedrooms, and the overall average as sourced from ApartmentList. Using the national average expenditure costs for all residents, the average expenditure cost for each city can be calculated. Combining the average rent cost with the average expenditure cost gives a total average cost of living for each city at different bedroom sizes. Cities with a livability index below 75 were removed as they represent cities with a below average quality of living. The cities were sorted to show the most populated cities to the least in order to show how much apartment you can afford in different US cities. All data was collected on and is up-to-date as-of May 29th, 2024.
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This article originally appeared on GOBankingRates.com: How Much Apartment Can You Afford in 30 Different US Cities
