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.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free 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
-
Markets Are Quiet Ahead of Fed Day: Stock Market TodayInvestors, traders and speculators appear to be on hold amid an unusually fraught Fed meeting.
-
Quiz: Test Your Knowledge of the OBBB, Wealth Transfer and Early RetirementQuiz The financial professionals who contribute to Kiplinger's Adviser Intel recently wrote about the OBBB's impact on retirement, how to ensure your wealth passes to your family and early retirement questions.
-
I'm a Real Estate Investing Pro: This Is What Investors Should Know About Truck Stop InvestmentsTruck stops might seem like good investments, but they can actually be a risky gamble due to unstable fuel prices, unreliable operators and coming changes in transportation. Instead, consider safer options like industrial or residential properties.
-
I'm 57 With $4.1 Million and Plan to Retire Abroad in a Few Years. Can I Stop Contributing to My 401(k)?We ask financial experts for advice.
-
I'm an Investment Strategist: This Is How the Fed's Next Rate Move Could Impact Your WalletInterest rate cuts might be coming, which could affect everything from your credit card debt to your mortgage. It's smart to prepare now — here's how.
-
Can You Afford a Million-Dollar Home on a $250,000 Salary?It’s more than the sticker price — mortgage rates, down payments, taxes and debt all factor into whether a million-dollar home fits your budget.
-
Why a Landmark Real Estate Commission Settlement Hasn’t Lowered Costs for HomebuyersThe 2024 NAR settlement promised commission transparency and negotiation —but one year later, average fees remain unchanged. See why change has been slow and what it means for homebuyers and sellers.
-
I'm 65 and My Property Taxes and Insurance Keep Going Up. How Can I Afford My House in Five Years?The costs of homeownership may continue to rise in retirement. Here's how to manage that.
-
The Risks of Forced DST-to-UPREIT Conversions, From a Real Estate ExpertSome new Delaware statutory trust offerings are forcing investors into 721 UPREIT conversions at the end of the hold period, raising concerns about loss of control, limited liquidity, opaque valuations and unexpected tax liabilities.
-
Lock or Float? How to Decide on Your Mortgage RateMortgage rates move daily, here’s how to know if you should lock in a rate now or let it float until closing.
