The affordability of renting is changing as many cities provide spacious apartments for a $1,500 monthly budget. RentCafe analyzed 200 US cities and found that renters in the Midwest and Southeast can secure larger apartments compared to those in coastal cities like New York and San Francisco, where space is limited. The Southern region, traditionally seen as affordable, is experiencing rising costs that are diminishing its attractiveness. Insurance, construction, and labor expenses are contributing to this narrowing affordability gap.
RentCafe analysis shows that renters can find spacious apartments on a budget in the Midwest and Southeast, contrasting sharply with limited options in coastal cities.
Affordability is declining in Southern cities due to rising insurance, construction, and labor costs, which is narrowing the affordability gap for renters.
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