Looking for the perfect apartment in California that fits your budget and space requirements? Well, you might have to dig a little deeper into your pockets, according to a recent study conducted by RentCafe in November.
A Deep Dive into Rental Budgets
Researchers at RentCafe and Yardi, a California-based real-estate website and property management software company, delved into how much apartment space ,700 per month could get renters in the 50 largest cities in the United States. They examined 1,600 different zip codes within these cities to determine where renters could get the most value for their money.
California: A Mixed Bag
When it comes to California, the results are not uniform across the state. In some neighborhoods, like the Baldwin Hills-Crenshaw area in Los Angeles County, you can snag a 704-square-foot apartment for ,700. However, in San Francisco’s Marina District, that same budget would only afford you a minuscule 294-square-foot apartment.
But hold on, if you think California is tough, wait till you hear about New York. The study found that with a ,700 budget, you’d only be able to secure a tiny studio measuring less than 300 square feet.
Where to Get the Most Bang for Your Buck
Now let’s zoom out and look at the bigger picture. Nationwide, the study revealed that prospective renters would get the best value for their money in Memphis, Tennessee, Oklahoma City, Oklahoma, and San Antonio, Texas. In these cities, a ,700 budget could afford you an apartment well over 1,000 square feet in size.
On average, the study found that a monthly budget of ,700 would get you an apartment measuring approximately 944 square feet.
Conclusion
If you’re searching for an apartment in California, be prepared to pay more for less space. However, if you broaden your horizons and explore other cities across the country, you might find yourself living large within your budget.
For more details on the study, you can view it here.
