The apartment guide showcases the following in 50 U.S. cities:
- Median rent of one-bedroom apartments
- Average square footage of one-bedroom apartments
- Cost of basic utilities
- Walkability of neighborhoods
This study also identified the percentage of apartments in each city that boast the following features:
- Washer-dryer access
- A pool
- Pet-friendly units
- A fitness center
- Reserved parking or a garage
Top Study Insights:
- Cities with the lowest median rent: Wichita, Kan., ($470), Cleveland, Ohio ($525) and Detroit ($550)
- Cities with the highest median rent: San Francisco ($3,600), San Jose, Calif. ($2,536) and New York ($2,200)
- Average median rent: $1,234
- Best cities for parking: Cleveland (69% offer parking), Omaha, Neb. (67%), and Anaheim, Calif. (64%)
- Worst cities for parking: New York (5%), Boston (9%) and Chicago (9%)
- Cities with the largest square footage apartments: Louisville, Ky. (807 sq. ft.), Jacksonville, Fla. (789 sq. ft.) and Atlanta (779 sq. ft.)
- Cities with the smallest square footage apartments: Portland, Ore. (461 sq. ft.), Milwaukee (495 sq. ft.) and Honolulu (539 sq. ft.)
- Average apartment square footage: 678 sq. ft.
- Best cities for apartments with pools: Phoenix (95% offer pools), Las Vegas (95%) and San Antonio (93%)
- Worst cities for apartments with pools: Anchorage, Ala. (0% offer pools), San Francisco (4%) and New York (4%)
"Our research found that in high-priced rental markets, not only do you have to shell out significantly more for an apartment, but also you get less bang for your buck than in lower-priced areas," said Cameron Huddleston, Life + Money columnist for GOBankingRates. "You're less likely to get amenities such as covered parking, a fitness center or even a dishwasher with an apartment in expensive areas such as Boston, Los Angeles, New York and San Francisco."
"However, there are several cities – such as Indianapolis, Louisville and Virginia Beach, Va. – where you can find apartments with ample space and affordable prices," Huddleston added.
GOBankingRates.com is a leading portal for personal finance and consumer banking information, offering visitors the latest on everything from finding a good interest rate to strategies for saving money, investing for retirement, and getting a loan. Its editors are regularly featured on top-tier media outlets, including U.S. News & World Report, Forbes, Business Insider, Daily Finance, and more. It specializes in connecting consumers with the best financial institutions and banking products nationwide.
Katie Johnston, Media Relations
Logo - http://photos.prnewswire.com/prnh/20130926/LA86996LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/heres-how-much-rent-money-youll-need-to-afford-an-apartment-in-50-us-cities-300279715.html