The Most Bang for a Renter’s Buck During COVID-19

With tens of millions of Americans facing eviction as the renter’s moratorium expires, it’s understandable that people are nervous about their living situation. People who live in expensive cities such as New York City, Los Angeles, and San Francisco are packing their bags because they simply cannot afford to live in a city where their money doesn’t go very far. In fact, HomeLight Q2 survey shows that 37% of real estate agents who participated in the city state moving out of the city were a priority for their clients. 

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So, where are the best places to go if you want to get the most bang for your buck as a renter?

1. Muskogee, Oklahoma

Muskogee is a small town where the cost of living is 20% below the national average and housing-related expenses are 40% lower than the national average. The median household home value is $91,200 and the average family earns $38,885 per year. 

2. Richmond, Indiana

Richmond is home of jazz greats like Duke Ellington and Louis Armstrong, which is great if you are a die-hard jazz fan. The cost of living in this city is a close second to Muskogee, coming in at 19.8% below the national average and housing expenses are 36% lower than the national average. The median home value here is $85,700 and the median household income is about $37,145.

3. Pittsburg, Kansas

Pittsburg is a small city where the median household income is $35,252, but the cost of living here is pretty low – 19.4% lower than the national average. When you factor in that it’s only 2 hours away from Kansas City and there’s a local university (Pittsburg State University), folks in this city will love the 37% savings on housing expenses compared to the nation’s average.

4. Tupelo, Mississippi

Are you an Elvis Pressley fan? If so, then The King’s hometown of Tupelo, Mississippi should be on your radar. The cost of living here is 18.6% below the national average and the median household income is $48,079. With housing being 35% cheaper than the majority of the nation, this is a decent contender for renters – or anyone looking for an affordable place to live.

5. Statesboro, Georgia

For those who are hoping to go back to college to earn a degree, Statesboro is the home of Georgia Southern University. Despite it being a college town, the cost of living here is 18.3% below the national average. Although the average median household income is a paltry $26,750, the affordable housing (30% lower than national average) and low healthcare costs (about 20% below national average) surely makes up for it!

Read More: [Rent Report] August Rent Prices Continue Listless Trend

Choose your new city wisely

Packing your bags and moving to a new city is an exciting idea, but when push comes to shove? It can be downright frightening! You’re going to have to consider so many different aspects of the move it’ll make your head spin. But, don’t let that stop you from moving to greener pastures. 

As more and more companies shift their focus and allow employees to work from home (when possible), it makes sense to move from an expensive city to a small one where housing costs significantly less than the national average. 

So, if you’re looking for more bang for your buck and find a rental you’ll love, consider one of these small cities to find a rental. Or, you may find that buying a house would be a better option!