2022 has seen one of the biggest increases in home prices and rent in the history of the country, with average rent per month going over $2,000 for the first time ever. While the cost of rent isn’t the only factor to consider when looking for a new apartment, it’s definitely something worth thinking about. With that being said, read on below to learn about several large cities in the U.S. with high rent, and then several with lower than usual rent.
Manhattan, New York, NY
One of the U.S. cities that’s been affected by increasing rent the most is New York City, especially the borough of Manhattan. In June of this year, Manhattan saw its highest median rent of all time, with a staggering average of $5,058.
Manhattan has historically been the most expensive place in the U.S., and these costs bleed into the other boroughs of New York City. Average costs for different-sized apartments are currently $3,145 for a studio, $4,278 for a one-bedroom, $5,722 for a two-bedroom and $9,469 for a three-bedroom.
Los Angeles, CA
As of August 29th, the median rent for the city of Los Angeles was $3,200. This varies from neighborhood to neighborhood and across apartment sizes, but overall, it makes L.A. one of the most expensive areas in the country.
L.A.’s reputation as a hub for music and television, as well as being the location of Hollywood and the center of the American film industry, has contributed to the high cost of living there. Rent isn’t the only factor that makes this city so expensive, however, and the high taxes and costs of food and transportation are a burden as well.
As one of the largest cities in the country, naturally, Chicago would have higher than average median rent, right? Well, actually, this year Chicago’s median rent is several hundred dollars lower than the national average. Chicago’s median rent as of this August is $1,795. A significant factor in this lower rent is the fact that Chicago is almost as large as New York City in terms of square miles but is home to a quarter of the population.
While many cities in the U.S. saw already-high rent go even higher, certain areas of the Southeast and Midwest remain far more affordable. One of the less impacted areas is Memphis, Tennessee, which had a median rent of $1,056 as of July 2022.
Although the average rent is lower in Memphis, the average income is lower as well. As of the 2020 census, the median household income in Memphis was $41,864, over $25,000 below the national median of $67,521.
Don’t want to be landlocked but still looking to move to a city that’s more affordable? The city of Tampa, Florida has a cost of living that’s nine percent below the U.S. average while still having a higher median household income of over $50,000. Not only is the cost of living low, but from anywhere in Tampa, you’ll just be half an hour away from the beach!