5 Great Cities Where You Can Find a Cheap Apartment

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  • Rent could end up being your largest monthly expense.
  • Some cities offer affordable housing -- even at a time when rents are sky-high.
  • Consider your employment situation before relocating to save money on housing costs.

Tired of overpaying for housing? In these cities, you don't have to.

In the course of setting up your monthly budget, you may find that you end up allocating more money to one expense category than any other -- housing. Even if you're not on the hook for a monthly mortgage payment, you'll have to handle the cost of rent.

That's not an easy thing to do these days. Because the demand for rentals has been so strong over the past year (namely, because the housing market has sorely lacked inventory and home prices have been through the roof), landlords have been able to command higher prices.

But some cities boast more affordable rents than others. Here are a few in particular where you might spend less on an apartment rental, according to Zumper.

1. Akron, Ohio

Akron is by no means the biggest city in Ohio. But it's only about 45 minutes away from Cleveland, which means that if you move there, you'll still have big city access not so far away. Plus, the median one-bedroom apartment rental in Akron will cost you a mere $650. That's not terrible given that a one-bedroom will cost you upward of $3,000 in some parts of the country.

2. Wichita, Kansas

Wichita may not strike you as a particularly large city -- but it's actually the largest one in Kansas. And its arts and music scene may surprise you. Meanwhile, you can snag a one-bedroom apartment at a median price of $690, and that could help your paycheck go pretty far.

3. Lubbock, Texas

If you crave big city living, then Lubbock probably isn't the right place for you. It's a good five-hour drive from Dallas and is generally a pretty remote city to call home. But if you don't mind going off the beaten path, you can stretch your paycheck by settling down in Lubbock. That's because the median one-bedroom rent is only $720.

4. Shreveport, Louisiana

Some people move to Louisiana to experience the food and party scene of New Orleans. At over 300 miles away, Shreveport is a far cry from NOLA. But you'll pay a lot less money to live there. The median one-bedroom apartment costs $740 a month, whereas in New Orleans, it costs more than twice as much at $1,570.

5. Lexington, Kentucky

Lexington is Kentucky's second-largest city, and it's known for its cultural events and college sports scene. From an affordability standpoint, Lexington is a good place to consider settling down. The median rent for a one-bedroom apartment is $810. That's far less expensive than nearby Louisville, where the median one-bedroom rent is $1,090.

Should you move somewhere else to save on rent?

Not having to spend a lot to rent a home could free up room in your budget for other expenses and give you the breathing room you want. But one thing you do need to consider when moving to a smaller city is access to employment. If you have a job you can do remotely on a full-time basis, that's not an issue. Otherwise, make sure there are jobs available before signing that lease and handing over a security deposit.

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