Renting is less expensive than buying in all 50 U.S. states, with the monthly cost of owning at least 50% more expensive than the monthly cost of renting in 21 U.S. metros. That’s not to say that rent can’t set you back in many major coastal areas where renters on a fixed budget typically sacrifice square footage or share an address with two or three roommates to make ends meet.
The best deals on rent? Head for the Midwest, Southeast and Southwest, according to a new study from RentCafe that ranked 200 U.S. cities for a balance between space, budget and location to understand how much rental space you can get for a fixed sum.
How small is small?
The words "square feet" can sometimes be confusing because it can be hard to get a rough picture of how much space a certain number of square feet takes up. To visualize square feet for an apartment, take Manhattan. Here you’ll pay about $1,500 rent for only 228 square feet of living space or about the same size as the average one-car garage. However, the space is more theoretical than reality as there are few, if any 228-square foot studios available in the city. The average studio apartment is about 440 square feet while a king-size mattress is about 42 square feet.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
According to the study, $1,500 per month provides countless opportunities but cozier living spaces in places like Manhattan, NY, Brooklyn, NY, and Boston, versus Wichita, KS, and Toledo, OH, where you can get over 1,300 square feet of living space for a monthly rent of $1,500. Other key findings include:
Key findings from RentCafe's report
- California cities dominate the list for the least space, with 32 out of the top 50.
- The national average is 729 square feet for $1,500 in rent per month.
- Significant variations exist even among major cities. Specifically, Houston offers 983 square feet for the same price, while Los Angeles provides only 439 square feet
- In 62% of the 200 largest cities in the U.S., apartment seekers get more space than the national average.
- In Los Angeles, the amount of space you can get for $1,500 grew by 3% versus a year ago.
Top 10 cities in which you get the most space for $1,500
| CITY | SQUARE FEET |
| 1. Wichita, KS | 1,359 |
| 2. Toledo, OH | 1,345 |
| 3. Oklahoma City, OK | 1,302 |
| 4. Tulsa, OK | 1,277 |
| 5. Memphis, TN | 1,257 |
| 6. Lubbock, TX | 1,220 |
| 7. Fort Wayne, IN | 1,212 |
| 8. Baton Rouge, LA | 1,166 |
| 9. El Paso, TX | 1,147 |
| 10. Omaha, NE | 1,126 |
Top 10 cities in which you get the least space for $1,500
| CITY | SQUARE FEET | Row 0 - Cell 2 |
| 1. Manhattan, NY | 228 | Row 1 - Cell 2 |
| 2. Brooklyn, NY | 300 | Row 2 - Cell 2 |
| 3. Boston, MA | 315 | Row 3 - Cell 2 |
| 4. San Francisco, CA | 334 | Row 4 - Cell 2 |
| 5. Jersey City, NJ | 340 | Row 5 - Cell 2 |
| 6. Queens, NY | 370 | Row 6 - Cell 2 |
| 7. Sunnyvale, CA | 406 | Row 7 - Cell 2 |
| 8. Pasadena, CA | 427 | Row 8 - Cell 2 |
| 9. Irvine, CA | 436 | Row 9 - Cell 2 |
| 10. Loa Angeles, San Diego, and San Jose, CA | 440 | Row 10 - Cell 2 |
Check out the full report from RentCafe, which highlights the details of the largest cities for the most apartment space available for $1,500 per month, the big cities offering the least space for a monthly rent budget of $1,500, and how much space you can get for $1,500 in Texas (just for comparison).
Related Content
-
Tax Efficiency Mastery for Financial SuccessAs you build your wealth, tax considerations are going to become more important in protecting your earnings and staying in good standing with tax authorities.
-
IRS Has No Set Plan to Replace Old TechIRS What could old IRS technology mean for your federal tax return and cybersecurity?
-
Why a 15-Year Mortgage Could Be the Key to a Larger Nest EggYour mortgage payments would be higher, yes, but you'd save quite a lot on interest and be mortgage-free 15 years sooner, freeing assets for other investments.
-
10 Housing Markets That Could Benefit First as Mortgage Rates DropThese are the top 10 metro areas where the most mortgages are unlocked by lower rates. Plus, the magic number for mortgage rates.
-
1031 Exchanges vs Opportunity Zones: Which Has the Edge?In the world of tax-advantaged real estate investing in 2024, which of these financial gladiators offers better tax benefits and investment potential?
-
Do 1031 Exchanges Make Sense for Baby Boomers?Here are four scenarios in which a 1031 exchange to defer capital gains taxes would be worth exploring if you're a Baby Boomer selling property.
-
A Different Way to Approach Your Mortgage in RetirementConventional wisdom says don't carry any mortgage into retirement, and if you can manage that debt-free feat, good for you. But there are other options.
-
Where the Ultra-Wealthy RetireLuxury retirement communities for the ultra-wealthy are springing up in the U.S.
-
Best Cities for Homebuyers 55 and OlderAn Opendoor survey ranked San Antonio, Texas, as the best aging-friendly city, with Charlotte, North Carolina, rounding out the top ten
-
With Mortgage Rates Dipping, Is Now a Good Time to Buy a House?Pricing pressure, interest rates, and still high unemployment numbers have sidelined would-be and first-time homebuyers. But as the Fed is expected to start cutting rates, is now a good time to think about getting back into the market?
