Where Can You Find an Apartment for Less Than $1,000?

Rent is usually the largest expense people pay each month, and since 2019, rent prices have gone up faster than most people's incomes.

These rising costs mean it takes longer to save for a down payment on a home: about 8.7 years now, compared to 7.4 years in 2019, if you save 5% of your income.

Finding cheaper apartments can help renters save more money, whether they plan to buy a home someday or want extra room in their budget for other needs.
 

Most $1,000 Rentals Are in the Midwest and South

According to Zillow's research, apartments renting for under $1,000 per month are mostly located in smaller cities in the Midwest and South. Of the 100 largest U.S. metro areas, only 13 have more than one-third of apartments available for less than $1,000.

The city with the most affordable rentals is Wichita, Kansas, where 54% of listings cost under $1,000 each month.

McAllen, Texas is next, and it’s the only other city in the top 100 where more than half of apartment listings are below $1,000.

Other affordable cities include Little Rock, Arkansas (49%), Toledo, Ohio (46%), and Oklahoma City, Oklahoma (42%).

In contrast, Boston, Miami, Washington D.C., North Port (FL), Charleston (SC), and Cape Coral (FL) have very few affordable options, each with less than 1.7% of rentals priced under $1,000.
 

Cities With the Most Affordable Apartments Overall

When looking at apartments that are affordable based on the local median income (less than 30% of household income), some cities stand out for their high percentage of affordable options.

For example, in Ogden, Utah, about 97% of apartments are affordable when compared to local salaries.

Other top cities for affordability based on income are Raleigh, North Carolina (96%), Colorado Springs, Colorado (95%), Des Moines, Iowa (94%), and Harrisburg, Pennsylvania (94%).

Meanwhile, cities like Miami, New York, Los Angeles, and Boston have far fewer affordable apartments, making it harder for people to find a place that fits their budget.
 

Renting a Room Can Be a Money Saver

If you’re looking to save even more, renting a room in an apartment or house can be a great option, even in expensive cities. Zillow found that the median rent for a room is $1,000 or less in 86 of the 100 biggest U.S. metros—including pricier areas like Seattle.

Renting out a room is also appealing to many recent home buyers, with nearly a third saying it is important to have the option to rent part or all of their home. This “house hacking” helps offset mortgage costs.

California's large cities may be expensive, but they have many rooms for rent compared to other cities across the country, giving more opportunities for renters to find a place that fits their budget.

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