City Living Costs Vary Across the US
It’s no secret that certain cities come with a hefty price tag when it comes to housing expenses. New York City, in particular, is notorious for its high rent prices, forcing many residents to resort to subletting for affordability. Living in NYC often means compromising on space and dealing with the high cost of apartment living.
If you’re considering a move solely based on rent affordability, you’re not alone. A recent study by Go Banking Rates analyzed apartment costs in 50 major cities in the US, factoring in variables such as rent prices, utilities, and walkability scores. Despite its high walkability score, NYC doesn’t offer the best value for your rental expenses.
For those prioritizing rent costs, the Midwest emerges as a budget-friendly option. With an average monthly rent of $1052, the Midwest stands out as the most affordable region in the country. Renters in the Midwest save an average of $7,654 per year compared to their counterparts in the Northeast. While Midwest cities may be less walkable, transportation costs are lower than the national average. However, due to more time spent traveling between destinations, total transportation expenses may be higher. Some cities in the Midwest, such as Milwaukee and Cleveland, are particularly budget-friendly when it comes to housing costs.
