No matter where you live, finding an apartment that’s affordable, safe and not awful-looking can be a challenge. With the rising price of rent in growing cities and the trends of more people choosing to live in apartments versus traditional homes, deciding where to move can be a tricky business.
Even more, if you’re thinking about making a long distance move across the country (or even a few states away!) the prices in rent can vary drastically.
According to SmartAsset, the median annual income (= half earn more and half less) for a millennial is $35,592. Use MFA’s Affordable Rent Calculator, this means an average millennial would be able to spend $890 on rent per month, which is only a bit below the national median rent. While $890 may not rent many places in America’s largest cities, it will be able to find you a nice place in smaller and more up and coming parts of the country.
To make your search a bit easier, we’ve compiled a list of the median rents (=half of all renters pay more and half pay less) in all 50 states as well as the top employment industry in each. So if you’re looking at places to live, or looking at relocating to a different state – this list can help guide you.
These prices have been taken from statistics within the U.S. Census Bureau in 2015 and have been adjusted for inflation for 2018. This median prices are subject to change due to housing market changes and fluctuations in the economy.
NATIONAL MEDIAN RENT = $949
Alabama: $650 – Largest Industry: Healthcare Services
Alaska: $930 – Largest Industry: Oil and Gas Extraction
Arizona: $820 – Largest Industry: Health Care Services
Arkansas: $570 – Largest Industry: Health Care Services
California: $1,430 – Largest Industry: Computers and Electronics Manufacturing
Colorado: $1,000 – Largest Industry: Oil and Gas Extraction
Connecticut: $1,070 – Largest Industry: Insurance
Delaware: $960 – Largest Industry: Insurance
Washington D.C.: $1,450 – Largest Industry: Politics
Florida: $950 – Largest Industry: Health Care Services
Georgia: $850 – Largest Industry: Broadcasting and Telecommunications
Hawaii: $1,480 – Largest Industry: Hospitality and Tourism
Idaho: $640 – Largest Industry: Computers and Electronics Manufacturing
Illinois: $900 – Largest Industry: Insurance
Indiana: $650 – Largest Industry: Manufacturing
Iowa: $610 – Largest Industry: Insurance
Kansas: $650 – Largest Industry: Health Care Services
Kentucky: $600 – Largest Industry: Health Care Services
Louisiana: $700 – Largest Industry: Petroleum and Coal Manufacturing
Maine: $780 – Largest Industry: Residential Care Facilities
Maryland: $1,220 – Largest Industry: Health Care Services
Massachusetts: $1,270 – Largest Industry: Residential Care Facilities
Michigan: $710 – Largest Industry: Residential Care Facilities
Minnesota: $840 – Largest Industry: Health Care Services
Mississippi: $650 – Largest Industry: Health Care Services
Missouri: $660 – Largest Industry: Residential Care Facilities
Montana: $620 – Largest Industry: Residential Care Facilities
Nebraska: $640 – Largest Industry: Insurance
Nevada: $860 – Largest Industry: Hospitality
New Hampshire: $1,010 – Largest Industry: Insurance
New Jersey: $1,230 – Largest Industry: Health Care Services
New Mexico: $660 – Largest Industry: Oil and Gas Extraction
New York: $1,260 – Largest Industry: Banking and Credit Services
North Carolina: $730 – Largest Industry: Chemical Product Manufacturing
North Dakota: $610 – Largest Industry: Oil and Gas Extraction
Ohio: $650 – Largest Industry: Residential Care Facilities
Oklahoma: $600 – Largest Industry: Oil and Gas Extraction
Oregon: $990 – Largest Industry: Computer and Electronics Manufacturing
Pennsylvania: $820 – Largest Industry: Broadcasting and Telecommunications
Rhode Island: $950 – Largest Industry: Residential Care Facilities
South Carolina: $760 – Largest Industry: Health Care Services
South Dakota: $560 – Largest Industry: Banks and Credit Services
Tennessee: $690 – Largest Industry: Health Care Services
Texas: $830 – Largest Industry: Oil and Gas Extraction
Utah: $790 – Largest Industry: Banks and Credit Services
Vermont: $970 – Largest Industry: Health Care Services
Virginia: $1,030 – Largest Industry: Administrative Services
Washington: $1,140 – Largest Industry: Publishing Industries
West Virginia: $600 – Largest Industry: Mining
Wisconsin: $670 – Largest Industry: Insurance
Wyoming: $610 – Largest Industry: Oil and Gas Extraction
We’re lucky to be in a country that not only provides a wide variety of industries to work in but also provides a wide variety of places to live. From mountains to deserts, tropical to snowy – there’s a little something for everyone. While some states tend to have a higher price of living than others, there’s always ways to find that perfect place for you. Happy apartment hunting!
Sources of Statistics:
https://www.census.gov/newsroom/press-releases/2017/acs-5yr.html
Largest Industry in Each State
https://www.census.gov/prod/2003pubs/c2kbr-21.pdf
https://www.bls.gov/opub/ted/2014/ted_20140728.htm
