There aren’t many big cities where rent is cheap, even for a studio apartment.
But if you are single and don’t fancy roommates, online brokerage RentHop found 15 cities in the US where rent is the cheapest.
Of the 50 most populous cities, as measured by median studio apartment cost as a share of median income for single residents in each city, the following were ranked highest for affordability.
Albuquerque, New Mexico, ranks as the most affordable city in the country for single renters. Studio apartments in Albuquerque go for an average price of $700, and the average single person would need to spend 15.33% of their income just to afford one.
Since financial experts aim to spend 30% or less on housing costs, this is a pretty good deal.
There are some surprises in the rankings as well. Seattle and Denver have relatively expensive rent prices, with studio apartments costing more than $1,400. But these cities also have high median annual incomes – close to $100,000 – that offset the additional costs.
In contrast, New York City is the least affordable place to live if you’re single, as income share accounts for about 44% of the cost of a studio apartment in the Big Apple. The study says that the rent of studio apartments in New York has increased by 23% in the last one year.
To compile housing price data, RentHop used every studio apartment listed on its site from January 1, 2022 through November 18, 2022. While single residents can live in larger homes, studio units were chosen because they best represent the minimum space one can live in. live alone
The income number represents median nonretirement household income, as measured by the US Census Bureau, looking back one year to November 2022. Since these are averages rather than median numbers, earnings may be slightly higher than what most people earn.
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