The Biggest Bang for Rental Bucks MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

Whether saving for a house or opting to rent for some other reason, knocking hundreds of dollars a month off housing costs can mean a future with more options. And thanks to a rise in telework options, more households are enjoying greater freedom and flexibility in choosing their locations. In order to help future homeowners and other renters make the most of their incomes, researchers at RentCafe analyzed data from 200 populous metropolitan areas and ranked the regions in affordability by square footage.

Nationwide, renters average seven hundred and twenty nine square feet of space for a monthly rent price of $1,500. In sixty two percent of the two hundred largest cities, however, lessees enjoy more space than the national average, researchers found. They determined that America’s southern and southwestern cities top the list for affordability per square foot.

“Renters looking for a spacious apartment on a budget in a big city should immediately head to the South,” writes Alexandra Both for RentCafe. “More than half of the top twenty large cities offering the most apartment space for a monthly rent of $1,500 are in the Southeast and Southwest.” The remaining most-affordable areas are all in the Midwest, “an area renowned for its balanced mix of affordability, jobs and spacious living,” the author noted. Data showed Wichita, Kansas and Toledo, Ohio offer the most opportunities for families on a constrained budget.

In Wichita, a household can procure one thousand three hundred and fifty nine square feet of living space for $1,500 per month, and Toledo offers approximately one thousand three hundred and forty five square feet for the same monthly cost. That could mean a three- or even four-bedroom apartment, ranking those two cities’ numbers one and two, respectively, on RentCafe’s list.

Oklahoma City a place particularly rich in job opportunities, Both points out leads big southern cities, with $1,500 per month enough to buy one thousand three hundred and two square feet. For about the same monthly rent, Oklahomans in Tulsa, Oklahoma can find a one thousand two hundred and seventy seven square foot space. At number five on the list, Memphis, Tennessee brings one thousand two hundred and fifty seven square foot apartments, enough for a solid three bedrooms, for a renter’s monthly $1,500.

Indianapolis; Greensboro, North Carolina; Kansas City, Missouri; Columbus, Ohio; and St. Louis, Missouri all offer more than a thousand square feet for $1,500. One giant state stands out with three cities on the list, Both noted. Texas’ Lubbock, El Paso, and Corpus Christi all made the most affordable per square foot list.

Despite an increase of remote work during and after the COVID-19 pandemic, many tech job hubs still exist. In such places, notes Both, “families on a fixed budget sacrifice square footage to benefit from the many opportunities.” For example, $1,500 per month could provide residency in Manhattan or Brooklyn, New York, and Boston, although it would be significantly smaller than one in the South.

California cities stood out on RentCafe’s list of cities where $1,500 does not go far. Renters in Sunnyvale, California would be lucky to find four hundred and six square feet. San Francisco; Los Angeles; San Jose, California; and San Diego are among the metros in which $1,500 might be enough for a four hundred square foot studio. In New York’s most popular boroughs, a budget of $1,500 will get renters less than four hundred square feet. In Seattle; Washington, D.C.; Chicago, and Miami that $1,500 per month will not buy much more, maybe five hundred square feet.

Click here for more on RentCafe’s top ten markets by state where renters receive the most bang for their monthly buck.

The post ISO: The Biggest Bang for Rental Bucks first appeared on The MortgagePoint.

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