August 8, 2016 12:19 am
Apartment costs can vary drastically between cities, or even neighborhoods. How far your budget takes you depends on one factor: location, location, location.
The experts at GOBankingRates.com recently released a study identifying the average cost of one-bedroom apartments across 50 cities. The national average median rent for a one-bedroom apartment is $1,234, the study determined; the national average size of a one-bedroom apartment is 678 square feet.
The cities with the highest median rent, according to the study, are San Francisco, Calif. ($3,600), San Jose, Calif. ($2,536) and New York, N.Y. ($2,200). The cities with the lowest median rent are Wichita, Kan. ($470), Cleveland, Ohio ($525) and Detroit, Mich. ($550).
The study also ranked the availability of apartment amenities in each city analyzed. Those takeaways:
• Cleveland, Ohio is the best city for parking, with 69 percent of one-bedroom apartments offering parking to tenants. Omaha, Neb. and Anaheim, Calif. rank second and third, respectively. New York, N.Y. is the worst city for parking, with just 5 percent of one-bedroom apartments offering parking to tenants. Boston, Mass. and Chicago, Ill. rank second and third, respectively.
• Phoenix, Ariz. is the city with the most one-bedroom apartments that offer pools, at 95 percent. Las Vegas, Nev. and San Antonio, Texas rank second and third, respectively. Anchorage, Alaska is the city with the least one-bedroom apartments that offer pools, at 0 percent. San Francisco, Calif. and New York, N.Y. rank second and third, respectively.
• Louisville, Ky. is the city with the biggest one-bedroom apartments, at 807 square feet. Jacksonville, Fla. and Atlanta, Ga. rank second and third, respectively. Portland, Ore. is the city with the smallest one-bedroom apartments, at 461 square feet. Milwaukee, Wis. and Honolulu, Hawaii rank second and third, respectively.
“Our research found that in high-priced rental markets, not only do you have to shell out significantly more for an apartment, but also, you get less bang for your buck than in lower-priced areas,” said Cameron Huddleston, Life + Money columnist for GOBankingRates.com, in a statement. “You’re less likely to get amenities such as covered parking, a fitness center or even a dishwasher with an apartment in expensive areas such as Boston, Los Angeles, New York and San Francisco. However, there are several cities—such as Indianapolis, Louisville and Virginia Beach, Va.—where you can find apartments with ample space and affordable prices.”
Published with permission from RISMedia.