Among the nation’s 100 largest metros, Zillow has identified 13 that have over one-third of apartments renting for less than $1,000 per month—primarily in smaller markets across the Midwest and South.
Amid a housing crunch, these lower-cost locales are helping renters save up for retirement, unexpected expenses, or for a future house downpayment.
According to the new analysis from Zillow, Wichita, Kansas, has the highest share of apartment listings, 54%, with monthly rents coming in less than $1,000. Coming in second is McAllen, Texas, at just over 50%; it is the only other top 100 metro with over half of its apartments renting for less than $1,000.
Rounding out the top five are Little Rock, Arkansas, 49%; Toledo, Ohio; 46%; and Oklahoma City, 42%.
At the other end of the spectrum, several metros were noted for having less than 1.8% of listings renting for less than $1,000—Boston; Charleston, South Carolina; Cape Coral, North Port, and Miami, Florida; and Washington, D.C.
According to Zillow, rooms for rent in an apartment or a larger home is another way renters can save on living expenses and homeowners can make some additional income.
The median list rent for a room is $1,000 or less in 86 of the 100 largest metros. California leads the way, with eight metros in the top 14 with the highest share of room listings.
“It’s no secret that rents and home prices have sprinted ahead of incomes. For many renters, that makes saving for a downpayment feel out of reach,” said Zillow senior economist Kara Ng. “Moving to an affordable area can really boost long-term financial health—and in pricier cities, renting a room has become one of the ways to keep housing costs manageable.”