5 Cities With the Most Affordable One-Bedroom Apartments
Rent prices climbed 30.4% nationwide between 2019 and 2023, while wages during that same timeframe rose 20.2%, according to a recent report from Zillow and StreetEasy. Reasons for the jump in rent include stronger demand for rentals, low supply of new rental units and overall inflation.
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With the national average rent for an 899 sq. ft. apartment at $1,713, per RentCafe, renters are feeling the squeeze. But there are still cities that offer cost-effective monthly rentals for one-bedroom units.
Here are five cities where you can find cheaper rent and live comfortably without stretching your budget too thin.
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Wichita, Kansas
Rent: $785 a month for a 668 sq. ft. unit
Wichita is the largest city in Kansas, with just under 400,000 residents. It is nicknamed the “Air Capital of the World” due to the area’s long history of aircraft design and manufacturing. It’s not only affordable but also has plentiful job opportunities in manufacturing, aviation, energy and IT systems. In addition, Wichita offers many great restaurants, breweries, music venues, museums and beautiful bike trails to enjoy.
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El Paso, Texas
Rent: $947 a month for a 648 sq. ft. unit
El Paso is the sixth-largest city in Texas and is located in the south, on the Rio Grande, near the border of Mexico. It’s known for being friendly and is one of the most affordable cities in the Lone Star state. El Paso has a strong local economy with job opportunities in several major industries, such as healthcare, education, trade and business, but there’s also plenty to do besides work. With 297 sunny, beautiful days a year, there are endless outdoor activities, like hiking, biking, camping and rock climbing at the Franklin Mountains State Park, and it is overall a welcoming place to live.
Memphis, Tennessee
Rent: $1,005 a month for a 702 sq. ft. unit
If you love good food, music and good times, Memphis, the state’s second-largest city, is worth considering. Known for its rich history of music and pop culture icons like Elvis, the “Birthplace of Rock ‘n’ Roll” offers affordable housing, top-rated schools, a growing job market in healthcare and Fortune 500 companies. Plus, its cost of living is 13% less than the national average. No state income tax makes Memphis even more appealing.
Lexington, Kentucky
Rent: $1,035 a month for a 679 sq. ft. unit
Lexington, Kentucky, is the second-largest city in the state that’s known as the “Horse Capital of the World” for its equestrian heritage and picturesque horse farms. In addition to its natural beauty, people love living in the area for its job market, culture and high quality of life. The low cost of living is another attractive element — Lexington is 6% cheaper than the national average.
Saint Louis, Missouri
Rent: $1,074 a month for 687 sq. ft. unit
Saint Louis is a fun city for singles and families to settle down in without a hefty price tag. Known as “The Gateway City” for its central location, it is a big city with small-town charm and a tight-knit community. Saint Louis boasts a thriving arts and tech scene, a vibrant nightlife and a lot of free major attractions like museums and the zoo. Its cost of living is also 6% lower than the national average, making the city affordable and an excellent option to plant roots.
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