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A new study from GOBankingRates found, for example, that the median rent for a one-bedroom apartment in Toledo, Ohio, is less than $450. The median rent for a single-family home in Detroit is $750.
For the analysis, GOBankingRates examined the 150 most populous U.S. cities based on data from the Census Bureau. For each city, the financial data site calculated the median rent for a one- and two-bedroom apartment and a single-family home based on data from Zillow, and then ranked the top 20 cities.
Toledo, ranked No. 1, had the cheapest median rent for one-bedroom apartments, $442.50, and tied with Detroit for the cheapest rent for two-bedroom apartments, $650.
Since the end of 2014, Toledo’s vacancy rate has gotten smaller while its average rental rate has risen. … Fortunately, rental prices in Toledo are still at national lows … .
Detroit, which ranked No. 2, had the cheapest rent for single-family homes, $750.
The top 20 cheapest cities the analysis found are:
- Toledo, Ohio
- Wichita, Kansas
- Fayetteville, North Carolina
- Augusta, Georgia
- Columbus, Georgia
- Knoxville, Tennessee
- Memphis, Tennessee
- Greensboro, North Carolina
- Tucson, Arizona
- Tallahassee, Florida
- Spokane, Washington
- El Paso, Texas
- Little Rock, Arkansas
- Lubbock, Texas
- Des Moines, Iowa
- Boise, Idaho
- Rochester, New York
If you’re unable to pick up and move to one of these cities in search of cheaper rent, check out “10 Ways to Save Big on Renting Your Next Home.”
Is affordability a problem in your city? Has it kept you from renting an apartment or a home? Sound off below or on our Facebook page.