Study reveals how much money needed to afford an apartment

Here's How Much Rent Money You'll Need to Afford an Apartment in 50 U.S. Cities

New study compares the cost of rent - as well as the square footage and amenities offered - in 50 cities across the U.S.

When you're looking for an apartment, there are many factors to consider. To help people understand apartment costs across the U.S. as well as what they'll get for their money, GOBankingRates conducted a study of one-bedroom apartments, comparing everything from median rent prices to the availability of key amenities like parking and washer-dryer access. See what an average apartment costs in your city at: http://www.gobankingrates.com/personal-finance/heres-average-apartment-costs-us-cities/

The apartment guide showcases the following in 50 U.S. cities: Median rent of one-bedroom apartments Average square footage of one-bedroom apartments Cost of basic utilities Walkability of neighborhoods This study also identified the percentage of apartments in each city that boast the following features:

Dishwashers

Washer-dryer access

A pool

Pet-friendly units

A fitness center

Reserved parking or a garage

Top Study Insights:

Cities with the lowest median rent: Wichita, Kan., ($470), Cleveland, Ohio ($525) and Detroit ($550) Cities with the highest median rent: San Francisco ($3,600), San Jose, Calif. ($2,536) and New York ($2,200) Average median rent: $1,234 Best cities for parking: Cleveland (69% offer parking), Omaha, Neb. (67%), and Anaheim, Calif. (64%) Worst cities for parking: New York (5%), Boston (9%) and Chicago (9%) Cities with the largest square footage apartments: Louisville, Ky. (807 sq. ft.), Jacksonville, Fla. (789 sq. ft.) and Atlanta (779 sq. ft.) Cities with the smallest square footage apartments: Portland, Ore. (461 sq. ft.), Milwaukee (495 sq. ft.) and Honolulu (539 sq. ft.) Average apartment square footage: 678 sq. ft. Best cities for apartments with pools: Phoenix (95% offer pools), Las Vegas (95%) and San Antonio (93%) Worst cities for apartments with pools: Anchorage, Ala. (0% offer pools), San Francisco (4%) and New York (4%) "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. "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," Huddleston added.

Latest Stories

Latest Podcast

A.L. Smith - Harold Washington Legacy Committee