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Big cities with low rents may seem confusing, but housing in large suburban communities can actually be affordable.
What Is The Cheapest Type Of Apartment
The housing market may be a little weak these days, but home prices are significantly higher than last year. Apartments are also growing and at a rapid pace.
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For retirees who want to move, young professionals looking to put down roots, or those who work remotely, this is a very difficult problem. No, paying expenses for someone who doesn’t have enough money – closing costs, insurance payments, property taxes, maintenance costs…not to mention, the list of expenses goes on. .
But first things first. The buildings are still intact. Despite entering a recession in the summer of 2022, US home prices rose 3.8% for the year, according to the National Home Price Index.
Mortgage rates continued to rise. For Freddie Mac, the rate on a 30-year mortgage is only 6%. That’s up from about 5% last year and up from 3% two years ago.
Of course, tenants are also squeezed. According to the Bureau of Labor Statistics, the average wage of urban workers increased by 8.8% in March.
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It comes as the Federal Reserve raises interest rates sharply to combat the worst inflation in four decades.
With this economic reality, it seemed like a good time to find the cheapest apartments in big, cosmopolitan cities. To do this, we turned to life cycle data from the Council for Socio-Economic Research (C2ER).
C2ER examines the prices of hundreds of goods and services in 265 census tracts, large and small. For the purposes of our study, we limit ourselves to cities with a population of less than 1 million, according to the US Census Bureau’s list of major statistical areas.
Using this method, we were able to find many American cities with affordable housing. Note that the lists below are for the cities in the metro area we covered. These listings offered the highest monthly rates ($1,369 per month) for all apartment types, according to C2ER. Cities are ranked from highest to lowest.
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Council on Social and Economic Research (C2ER) life expectancy index data are provided by the US Bureau of Labor Statistics and the US Census Bureau. Cities are ranked from highest to lowest.
Pittsburgh is known for its professional sports teams—the NFL’s Steelers, the MLB’s Pirates, and the NHL’s Penguins—and its Ruth Belt past.
But in the past few years, the metro has become a hub for healthcare, technology and higher education.
Carnegie Mellon University and the University of Pittsburgh are centers of education and research, and contribute talent to the local operations of big tech names like Google parent Alphabet ( GOOGL ), Amazon.com ( AMZN ), and Microsoft ( MSFT ).
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Today, the University of Pittsburgh Medical Center—with 40 hospitals, 92,000 employees, and more than 8,000,000 licensed beds—serves as a center for public health education and research.
These are just the main offices. There are a total of 68 colleges and universities in the metro.
The city also has a vibrant and expansive atmosphere for the arts. In the heart of the cultural district, Heinz Hall hosts Broadway shows, concerts by the Pittsburgh Symphony Orchestra and other events.
Best of all, you can afford to live together in the City of Bridges. At $281 per month, the average rent is 6.4% below the national average.
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General living expenses, including mortgage, rent, insurance and other related costs, are discounted at the same rate for C2ER compared to the national rate.
Minneapolis-St. Paul offers a progressive environment with a Midwestern feel and a reasonable cost of living.
The Twin Cities are known for many cultural venues, four major sports arenas, several universities and colleges, and a diverse economy. However, the average home is $1,280 per month, or 6.5% below the US average.
Wallet-friendly listings help C2ER reduce maintenance costs. Mortgage, rent and related expenses are 10% less than the average American salary.
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Yes, most students prefer to rent. In addition to the University of Minnesota, which has two campuses, there are several private colleges in the Twin Cities.
The metro economy includes government jobs, as well as businesses in commerce, technology, medicine, finance, entertainment, agriculture, and manufacturing.
Metro-based heavyweights include 3M (MMM) and UnitedHealth Group (UNH), both of which are constituents of the Dow Jones Industrial Average. Target (TGT) and US Bancorp (USB) are two other examples of popular companies that call the metro area home.
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As for the aforementioned cultural venues, Minneapolis has the Guthrie Theater and the Walker Art Center. St. Paul is home to the Ordway Center for the Arts, St. Louis. Paul Chamber Orchestra and Minnesota Opera.
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They don’t call it Music City for nothing. As a music hall and museum and home of the Grand Ole Opry, Nashville is known as the music capital of the country. But the greater Nashville area, which includes Davidson, Murfreesboro, and Franklin, Tennessee, is a center for the healthcare, manufacturing, and electronics industries.
Vanderbilt University Medical Center and HCA Healthcare (HCA) are among the metro’s largest employers. Nissan North America, which has a large fulfillment center in Nashville, and Amazon.com ( AMZN ) also offer many business opportunities. Major institutions of higher learning include Vanderbilt University and Belmont University.
Nashville has also made a name for itself on the national stage with professional sports teams. It is home to the NFL’s Tennessee Titans and the NHL’s Nashville Predators.
However, by comparison, cosmopolitan metro areas offer these amenities without stretching residents’ budgets. Rents, which are 8.2% lower than the national average, are part of the overall cost of living, which is easy on the public’s wallet.
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Yes, the total cost of living in metro Nashville is about 3% below the national average, according to C2ER. Mortgage, rent, insurance and more. including, although the overall cost of living is 5% higher than the national average, transport and healthcare are 9% cheaper, but the country’s residents save 12% on school fees.
Despite being the state capital and home to many Fortune 500 companies, Columbus has a small-town feel and urban prices.
Housing affordability and average rental housing, 12.3% below average, are highly rated by Ohio State University (OSU) students. Between the undergraduate and graduate levels, Columbus’ academic strength and research center is home to more than 67,000 students.
During football season, locals live and die by the fate of their beloved OSU Buckeyes, one of the nation’s greatest teams. The excitement and nervousness of the gridiron dominates the conversation, and the lanes are empty at the start of the game.
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Fortunately, Columbus offers many inexpensive activities year-round from the OSU campus. The popular Columbus Zoo offers discounted admission to seniors and residents on select days. Another family-friendly deal is the Ohio State Fair, which is held every summer with pig races, fireworks, food on a stick, and more. attracts about 900,000 visitors.
As important as ODU is, Columbus is far from a city with a name. A state’s capital means that there are many jobs in government, as well as private businesses supported by the government. Major employers include JPMorgan Chase (JPM), the nation’s largest real estate bank, and Columbus National Insurance Company.
Skyline Chili’s Loaded Chili Bowl is great, but Cincinnati restaurants are even better. Renters in the Queen City pay an average of $1,083 per month. This is 21 percent lower than the national indicator.
But affordable rent is only a fraction of the overall cost of housing in the greater metro area. In fact, the greater Cincinnati area, which borders Kentucky and Indiana, has an average price that is 20% below the national average.
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Considering the size of the city headquarters, this is an interesting fact. In fact, seven Fortune 500 companies, including Warren Buffett’s Procter & Gamble ( PG ) and Kroger ( KR ), call Greater Cincinnati home.
With a population of over 2.2 million, this metro area has many urban events and attractions. Ultimate Underground Queen City Tour, Cincinnati Symphony Orchestra and the above
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