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HomeReal EstateHow Many Sq. Ft Does $1,500 a Month Get You?

How Many Sq. Ft Does $1,500 a Month Get You?

Proper now, a family incomes the nationwide median earnings of $70,784 a yr can afford about $1,775 in month-to-month hire with out turning into “hire burdened” (which means that 30 % of earnings is required to cowl hire). However in fact, not each U.S. rental market is identical. A brand new examine by RentCafe provides renters some steering on which of the nation’s 100 largest metro areas provide essentially the most house for the cash.

Utilizing the good spherical variety of $1,500 a month as a base — just below that $1,775 threshold — researchers discovered that cities within the Midwest and the South simply outstrip their coastal counterparts in bang-for-buck economic system.

For New Yorkers or anybody residing in a big coastal metropolis, $1,500 in hire appears virtually impossibly low, and the examine bears that out. In Manhattan, it rents simply 243 sq. ft — the fewest among the many 100 largest metros. In Brooklyn it rents 342 sq. ft, and in Queens 393 sq. ft. (For the aim of the examine, Manhattan, Brooklyn and Queens have been handled as particular person markets.) However you’d be hard-pressed to seek out something that low-cost within the metropolis. A current search of Zillow turned up 183 New York Metropolis flats accessible for $1,500 or much less — not lots for a metropolis of three.2 million households.

For ample elbow room, head to the middle of the nation. In Wichita, Kan., $1,500 a month will get you 1,463 sq. ft, essentially the most for the cash. Toledo, Ohio, and Tulsa, Okla., are subsequent, providing barely fewer sq. ft for the greenback.

Curiously, whereas the full sq. footage of the costliest space, Manhattan, was roughly one sixth the dimensions of the least costly, Wichita, no single metro was proven to have a lot bigger or smaller flats general. On common, flats throughout the nation measured inside just a few hundred ft, even in essentially the most and least costly locations, as proven on this week’s chart.

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