Many real estate headlines center on how pricey it is to buy a home these days, especially in the nation’s larger cities.
We recently reported on the cost of a starter home in all 50 states and the District of Columbia. Spoiler: They’re not cheap.
But what about renting an apartment? There are pros and cons.
You’re not building equity, and you may not be able to make the kind of cosmetic or physical changes you’d like. But if you’re unsure which neighborhood to live in or might be moving again soon, a rental gives you flexibility.
While opting to rent might seem like a cheaper option — no down payment, after all — it’s not always inexpensive. Business Insider and Zillow rental site HotPads recently compiled a list of the median rents for one-bedroom apartments in the nation’s 49 largest metro areas.
As you might suspect, popular places such as Silicon Valley, San Francisco, L.A. and New York City are right up at the top of the list. But even smaller places such as Sacramento, California, or Portland, Oregon, can be spendy places to rent an apartment.
Here’s a look at rental costs across the nation, from the most expensive to the least expensive cities in which to rent a one-bedroom apartment.