How Much Apartment You Get for $1,500 a Month in 30 Major U.S. Cities
In many major cities, $1,500 is a fraction of the average cost of rent. If you're planning a move, it's useful to know what you'll get for your money. Rent Cafe researched prices to visualize what a $1,500/month apartment looks like across the U.S.
To come up with their numbers, Rent Cafe used the Yardi Matrix, a commercial real estate data tool that collects statistics across 122 markets in the United States.
...we were curious to see how the 30 most populous US cities rank in terms of value for money-in this case value being square footage, for the sake of simplicity. We calculated the average apartment size in these cities, compared it with the average rents, and a simple division gave us the average price per square foot in each city. In other words, an indicator of how much bang you get for your buck.
They also sent us some interesting findings:
- In San Francisco, $1,500/month will get you 342 sq. ft. You'll get twice as much in San Diego (698 sq. ft.)
- In Manhattan, you would get a studio small enough to fit loosely inside a living room in the four-bedroom home you'd get in Memphis.
- In Boston, $1,500 would get you a 386-square-foot studio, compared to a 3-bed, 2.5-bath townhome in Indianapolis.
In the below tool, you can hover over some of these cities to see what kind of square footage you can expect for $1,500. (Our version of the tool doesn't include all cities, but you can head to their link for the rest)
The site also shows some specific, side-by-side comparisons between different cities, like Manhattan vs. Memphis. They also include an interactive chart that shows detail for each city, including the square footage you can expect, the price per square foot, plus the averages for each city.
It's interesting data to look at, especially if you're planning a move to any of these cities, and you can check it out at the link below.
Photo by Urbane Apts.