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Tired of having a roommate, or roommates? Or are looking to move somewhere, but don’t want to get stuck with one because you can’t afford the rent otherwise? Today is your lucky day.
That’s because financial technology company SmartAsset already did all the heavy lifting and crunched the numbers to determine the 25 best cities in America where renters can afford to live alone.
Some highlights of their analysis include…
• Live alone in the Midwest. Eight of the top 10 most affordable cities to live alone are in the Midwest. These cities offer lower rents and low unemployment rates.
• Cities in California and Virginia are at the bottom. Midsize cities in Virginia and California rank low. In places like Virginia Beach and Riverside, renters face higher costs of living and a limited number of suitable places to live alone.
• Big cities are a mixed bag. While big cities tend to come with high rents, they also tend to have plenty of studios and one-bedrooms. Over 30% of the homes in San Francisco, Boston and Oakland have less than two bedrooms. Washington, D.C. is the city with the largest supply of studios or one-bedrooms, representing 41% of the housing stock.
And now, drumroll please… the top 25 best cities in America where renters can afford to live alone.
• The average person living in a studio or one-bedroom apartment in this city pays only $575 on rent and the overall cost of living is over 3% less than the national average.
2. Omaha, Nebraska
• The average renter in a studio or one-bedroom apartment spends over $650 per month on rent and the cost of living in Omaha is on par with the national average.
• According to data from the Census Bureau, the average studio or one-bedroom apartment costs nearly $800 per month. Fortunately those high costs are somewhat balanced by high local earnings.
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• The average person renting a studio or one-bedroom pays an average of just under $600 per month. At the same time the overall cost of living is a few percent below the national average.
• This city ranks 14th in rent, with the average studio or one-bedroom apartment costing $608 per month. In terms of cost of living, this city costs about as much as the national average.
• Over 31% of all housing stock in St. Louis are studios or one-bedroom apartments. That means you should have no trouble finding an apartment that suits your living-alone needs.
• This city has an unemployment rate of 2.2%, second-lowest in our study, and the highest median earnings for full-time workers in the top 10.
• The average person in a studio or one-bedroom apartment in this city pays less than $600 per month. And the cost of living is similar to the national average.
• This is a college town with low costs of living. Overall this city ranks 11th out of all the cities we analyzed for cost of living. Renting a home alone is also pretty affordable.
10. Wichita, Kansas
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• The average person living in a one-bedroom apartment or a studio in Kansas pays just over $550 per month.
And the rest of the top 25…
Check out the complete results of this study as well as the methodology used here.
Related…
• Annual Study Reveals The 25 Best Cities For New College Graduates In 2018
• How Much Real Estate $1 Million Will Buy You In Countries Around The World
• How Much Income You Need To Afford The Average Home In Every State In 2018
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