Housing costs may finally be on the way down, but they’re still high compared to a year ago for some Americans regardless of whether they’re buying or renting a new place. An average two-bedroom in New York City, for instance, costs around $4,400 a month.
However, there are places in the U.S. where renters can still afford a two-bedroom rental. While prices may have gone up in some cities, it’s easier to find ways to pay rent on a two-bedroom in some cities than in others.
So, where can you find an affordable two-bedroom rental? Zumper, an apartment rental search site, put together an August report showcasing cities with the lowest rent prices for two-bedroom apartments.
17. Shreveport, Louisiana
Shreveport has seen a decline in population in the past decade, which may be contributing to lower costs for rentals due to less housing competition.
The cost for a two-bedroom rental has risen only 3.8% in the past year, keeping housing costs relatively stable compared to other cities in the U.S.
16. Akron, Ohio
The cost for a two-bedroom in Akron was 3.8% higher in August compared to July and 9.2% higher year over year. But the housing market in Akron is still competitive overall with homes on the market for a median of 15 days.
15. Wichita, Kansas
Wichita is still affordable if you’re looking for a two-bedroom apartment with a modest 2.4% increase in August compared to a month earlier. But you may have to be quick to pick one up.
The market is very competitive with houses for sale spending a median of five days on the market, a drop from 42 days a year ago.
14. Lubbock, Texas
Lubbock may still be affordable if you want a two-bedroom rental, but prices went up 8.2% compared to a year earlier. And be aware that the city is home to Texas Tech University, so there may be an influx in prices depending on college-student demand.
13. Des Moines, Iowa
The city has seen a decline in the price of two-bedroom rentals, which may make it more attractive for renters. The $960 price tag for rent is 4% lower in August compared to a year earlier and 8.6% lower year over year.
12. Oklahoma City, Oklahoma
The housing market in Oklahoma City has a median sale price of $263,000, which is a 14.7% increase compared to a year earlier. That may make it more appealing for renters who aren’t ready to buy yet.
11. Laredo, Texas
Laredo is one of the busiest border crossings in the U.S., which may attract residents in addition to the affordable cost of housing.
While a two-bedroom rental has declined 1% in August compared to a month earlier, the city still faces a year-over-year increase of 9.8% for those properties.
10. Memphis, Tennessee
It may be more affordable to tour Elvis Presley’s Graceland than to pay a month’s rent in Memphis, but the city is still a good option if you’re on a budget. Memphis saw a 1.9% decline in the cost of a rental in August compared to a month earlier.
9. Baton Rouge, Louisiana
Like Shreveport, Baton Rouge has also seen a decline in population in recent years, which may be contributing to affordable housing costs.
The cost for a two-bedroom rental was flat in August compared to a month earlier, but the city is still 11.2% higher compared to August 2021.
8. Detroit, Michigan
The Motor City has seen an increase in redevelopment in recent years, including a rise in available apartments and office space.
Detroit saw a 5.8% increase in rental prices year-over-year but a decline of 1.8% in August from a month earlier. That drop may be a good indication that supply and demand could be balancing out.
7. Tulsa, Oklahoma
Tulsa may still be struggling with high housing costs as the price of a two-bedroom rental is 23.3% higher in August compared to a year earlier. But a month-to-month decline of 2.6% could offer relief to some renters.
6. Augusta, Georgia
The home of golf’s Masters Tournament could be a hole-in-one if you’re trying to find housing there.
But while the cost of a two-bedroom rental is one of the best for a city in the U.S., prices are still 1.8% higher in August compared to July and 13.1% higher than just a year ago.
5. El Paso, Texas
The border town of El Paso has seen an increase in population in recent years, which may be giving housing prices a bit of a boost.
But while the year-over-year cost of a two-bedroom rental has increased by 15.5%, the city saw prices remain flat in August compared to July.
4. Lexington, Kentucky
The second-largest city in Kentucky has seen a decent rise in population with more than 325,000 people calling the city their home, and housing costs could reflect that.
While the actual cost of a two-bedroom rental is affordable compared to other cities in the U.S., residents have seen a 5.7% rise in the price in August compared to a year earlier, and a 12% increase compared to August 2021.
3. Winston-Salem, North Carolina
Winston-Salem has a competitive housing market with the median home sale price around $260,500, which may make it hard for residents to buy a home.
A two-bedroom may still be affordable, but the price for one in August was 5.6% higher compared to a month earlier and had a year-over-year increase of 15.2%.
2. Greensboro, North Carolina
Near Winston-Salem is Greensboro, which has seen an increase in population and housing costs. The city saw a 0.9% decrease in August compared to July for the cost of a two-bedroom rental.
However, the $1,160 per month for a rental is 31.8% higher than a year earlier, which may mean that the market could still have room for a further decline.
1. Milwaukee, Wisconsin
Milwaukee’s population has been declining in recent decades, which could help ease the pressure on housing inventory. But prices were still 8.2% higher in August compared to a year ago and 5.3% higher than they were in July.
With housing prices leveling off or declining, it may be a good idea to revisit your budget and see if there are ways to boost your bank account and afford a two-bedroom rental.
You may be surprised that declining housing costs combined with rising wages could make a two-bedroom rental more affordable for you.