These Are the 7 States Where Renters Save the Most

In some states, the average rental price is under $1,000. 

No matter where you live in the United States, it's likely that your housing costs take up a large portion of your monthly budget. As the cost of living rises throughout the country, so do apartment and home rental costs. 

If you're looking to reduce your monthly housing expenses, you may wish to move to a more affordable state. Living in a state with lower rental costs can result in significant savings.

According to an August 2022 report by Rent.com, which analyzed July 2022 rental prices throughout the country, the following states have significantly cheaper rental rates:  

1. Arkansas 

The average monthly rent price for one and two-bedroom rentals in Arkansas is under $1,000. The average 1-bedroom rental costs $810. For a 2-bedroom rental, the average price is $966. 

2. Oklahoma

Oklahoma is another state where renters can save money on housing costs. The average price for a 1-bedroom rental in Oklahoma is $901. The average 2-bedroom is $1,027.

3. North Dakota

Your money will go far when paying rent in North Dakota. The average 1-bedroom rental costs $945 monthly, while the average price for a two-bedroom rental is just over $1,000 at $1,003. 

4. Mississippi 

Mississippi is another affordable place to live as a renter. The average price for a 1-bedroom rental is $995, while the average 2-bedroom rental price is $1074. 

5. Iowa

Renters in this state also save on housing costs. In Iowa, the average 1-bedroom rental price is $1,035. The average price for a 2-bedroom rental is less than $50 more at $1,083. 

6. South Dakota

Rental expenses won't break the bank in South Dakota, either. In this state, the average 1-bedroom rental is $1,034. If you need a bigger space, you can expect to pay, on average, $1,157 for a 2-bedroom rental property. 

7. Indiana 

Indiana residents can also save money on rent costs. The average 1-bedroom rental price is $1,081, and the average 2-bedroom rental costs $1,126. 

Average national rental prices are much higher 

All of the above prices are affordable. According to the same report, the national average for a 1-bedroom rental is $1,770. The national average for a 2-bedroom rental is $2,106. 

This data illustrates how housing and overall living costs can vary significantly from one state to another. If you're looking to move to save money, it's best to research housing costs first.

Costs to consider before moving to a new state 

It's important to remember that housing isn't the only cost to consider before making a big move. If you're looking to save money, don't ignore the following living expenses: 

Taxes: Taxes can vary from state to state. Be sure to research income and state tax rates. If you're considering buying a home, researching property taxes is another must. 

Utilities: While rental prices may be cheaper in your new state, that doesn't mean your utilities will be, too. Do some research to figure out the average cost of utilities so you can better budget for your monthly living costs. 

Transit: Transportation is another significant expense to plan for before you move. Will you bring a vehicle with you on your move, or is it possible to utilize public transportation? Transit costs can get pricey, especially in areas with limited public transportation. 

Food: Food costs can vary around the country, too. It's not a bad idea to look into food prices, like local restaurant prices and food prices at the grocery store. 

Moving to a different state could help you save money to reach your personal finance goals sooner. But before making a big move to a new state, be sure to consider all living costs. 

Renting may no longer be the right fit for you. If you're considering buying a home, check out our list of best mortgage lenders.