Map Reveals Just How Expensive Rent Generally Is In Each State
You truly do get more for your money in some parts of the country than you do in other parts of the country. We could compare prices of milk and prices of gasoline, which can all be quite different depending on where you live, but for most people their biggest expense is their home.
All you have to do to compare housing prices in one state versus another is to do a quick search on a real estate website. It can be shocking how expensive a modest family home is in some cities. On the flip side, when you live somewhere with a high cost of living, it can be shocking to discover that housing prices are much less expensive in other states.
While comparing prices on homes for sale can be interesting, a lot of people choose to rent instead of buy. Depending on income and family size, there are many rental options ranging from small studio apartments to large houses. Again, where you live is a huge factor in how much that rental home costs.
Rent.com has created a map that shows the average rental price of a 1-bedroom apartment in every state in the country. They used data from February 2021 to figure out the average rental price. In 2021, a 1-bedroom apartment in Nebraska costs an average of $959 per month, and a 1-bedroom apartment in Mississippi costs an average of $991 per month. Meanwhile, in California, a 1-bedroom apartment costs an average of $2,603 per month and a 1-bedroom apartment in New York costs an average of $2,270 per month. If you live in California, you might be thinking about relocating to a less expensive state right about now after looking at this data.
The map not only shows the average rental price in 2021, but it also compares the rental price in 2021 to the rental price in 2020. It is clear and quite startling that rent skyrocketed in most states. For example, in California, rent increased 27.97% in one year, and in New York, rent increased 21.94%. Meanwhile, in Mississippi, rent increased 25.95%, but in Nebraska rent actually slightly decreased by -2.18%.
The states that saw the biggest jump in rental prices were Oregon, South Dakota and Rhode Island. In Oregon, rent increased by 94.07%. In 2020, a 1-bedroom apartment cost $853, but in 2021, it cost $1655. In South Dakota, rent increased by 114.07%. Rent in 2020 was just $481 per month, but in 2021 it jumped to $1029. Meanwhile in Rhode Island, rent increased by 87.03%. In 2020, rent cost $1080, but in 2021, it cost $2020.
Obviously these are averages, and which part of a the state you live in and the features of the actual apartment or home will cause the unit to cost more or less than average. If you want to see the averages in the state where you live, you can look at the data on the map here.