How much housing can you get for $1,500 in the 100 largest US cities?
NEW YORK (WPIX(NEXSTAR) – Despite a recent slowdown in growth, rental costs across the US are well above pre-pandemic levels – so where are you getting the most bang for your buck?
A Annual Analysis of Rentcafea nationwide listing service that helps renters and buyers find apartments or houses has researched how much square foot you can get for $1,500 on average in the 100 largest U.S. cities.
The largest area for $1,500
Wichita, Kansas tops the list for spacious floor plans at 1,463 square feet for $1,500. The average apartment costs $817 per month and is 797 square feet.
Rounding out the top 10 are Toledo, Ohio (1,379 square feet); Tulsa, Oklahoma (1,368 square feet), Oklahoma City (1,330 square feet); Memphis, Tennessee (1,293 square feet); Fort Wayne, Indiana (1,263); El Paso, Texas (1,222 square feet); Lubbock, Texas (1,218 square feet); and Omaha, Nebraska (1,209).
The smallest area for $1,500
Moving to New York City? You may want to pack lightly. In Manhattan, you get a meager 243 square feet for $1,500.
That may not come as a surprise to many New Yorkers, but you can’t get a lot of space for $1,500 a month in rent. A quick look at Zillow lists fewer than 200 apartments for that crowd, and most are under 500 square feet.
A garage in an apartment building that houses two cars is about 400 square meters.
Boston is just behind the Big Apple at 320 square feet, followed by San Francisco (336 square feet); Brooklyn, New York (342 square feet); Jersey City, New Jersey (362 square feet); Queens, New York (393 square feet); Oakland, California (418 square feet); Los Angeles (423 square meters); Irvine, California (445); and San Diego (449 square feet).
Good news for renters?
Rental rates are still significantly higher than before the pandemic, but there could be some grounds for optimism.
In fact, average rental prices in the US have fallen year over year for the first time since COVID-19 turned life upside down around the world.
Unfortunately, rental prices for homebuyers are still quite high. According to this, the nationwide media rental costs currently amount to 1,937 US dollars To rentthat tracks listings and rental dates.
The last time it was below this level was in February 2022 when it was $1,904. In January 2020, the month the Centers for Disease Control and Prevention confirmed the first case of COVID-19 in the United States, the median rental price was $1,585.
