Living in a city like New York, San Francisco, or Boston often means having to give up a large portion of your income to pay your rent, especially if you don’t want to live with roommates. This often leads people in more affordable housing markets to wonder, or even ask, why not just pack up and move somewhere cheaper?
How to find a cheap apartment (1,000 SQFT for $650)
While that may be an option for some, others have ties to expensive cities, such as jobs or family, or have other reasons why moving isn’t an option. But until more affordable housing becomes available, people who call these major metropolitan areas home will have to figure out how to stretch their rental budgets as far as possible. Because strategy is key in real estate, I reached out to Andrea Neculae, a research analyst at RentCafe, for some insider tips on finding an affordable rental in an unaffordable city. Here’s what you need to know.
A recent report from RentCafe determined how much living space you can get for $1,700 a month (roughly the national average rent) in the 50 largest U.S. cities. In one neighborhood in Memphis, you can find a rental with nearly 2,000 square feet of living space for $1,700. Meanwhile, in Manhattan, you’ll barely be able to rent a 200-square-foot space for the same amount.
These are Neculae's conclusions from analyzing this data. According to her, these conclusions can increase your chances of finding affordable rental housing in a city known for its high costs.