With the cost of living at an all-time high, it is no wonder many of us are looking for cheap places to live. Renting is sometimes considered a more expensive way to live, but if you’re not ready to settle down and buy yet, finding cheap rented accommodation is a great way to live a more cost-effective life.
In the US, a few states stand out as the cheapest places to rent in the country.
Below, we’ve gone over the top 5 cheapest places to rent in the US, including average rental prices, rental application fees (state laws can vary), and the cost of living in each state. Find out more below.
Note: All rental prices in the following article are Average Fair Market Rent Prices as determined by HUD. Prices may vary according to region in each state.
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Mississippi
With the average monthly rent of a studio coming in at just $643 and the average rent for a 3-bedroom home at $1,025, it’s safe to say that Mississippi is a cheap state to rent in. Bear in mind that this state has no limitations on rental application fees.
Mississippi is a great state if you like warmer weather with mild winters. It’s also got a great array of Southern comfort food, so if you’re looking for nostalgic eating and coziness, this could be the state for you.
The cost of living in the state is 16% lower than the national average, and transportation is 6% lower. If you eventually decide to buy a home in Mississippi, you’ll get a great deal, with house prices an average of 32% lower than the national average.
Kansas
Next is Kansas, where a studio will set you back $564 per month, and a 3-bedroom home will cost around $970. This incredibly cheap rent makes Kansas attractive for those seeking affordable rental accommodation in the US.
While Kansas doesn’t boast the milder weather of Mississippi, it has a very low unemployment rate, meaning that finding a job doesn’t appear too difficult in the state. Kansas does not, however, have any limitations on rental application fees.
The cost of living in Kansas is 12% below the national average, and the cost of transportation is 6% lower. However, the cost of utilities is slightly higher than the national average, which is something to be aware of when considering your bills.
Alabama
The average studio apartment in Alabama costs $716, with a 3-bed home coming in at $1,241. These are relatively affordable prices for people looking for an affordable rental solution in the US.
This is another state with relatively pleasant weather all year round, though some may consider the summers a bit sticky! It also has good employment rates and lower healthcare costs than other parts of the US.
Be aware that some parts of Alabama are dry counties or have strict restrictions on alcohol consumption and purchase. Alabama also has no restrictions on rental application fees.
The cost of living in Alabama is 13% lower than the national average. Health care is 16% lower and food 7% lower. On the other hand, utilities are 9% higher and transportation 8% higher. Take these figures into consideration when choosing Alabama.
Oklahoma
If you’re in the market for a studio apartment in Oklahoma, you are in luck. Average rental prices are just $609 per month, and a 3-bed home would set you back $1,067 per month.
Oklahoma is a great state to choose if you like having definable seasons, though winters are still relatively mild. However, it does sit within the so-called ‘Tornado Alley.’ Oklahoma does not have limitations on rental application fees.
The cost of living in Oklahoma is 13% below the national average, and the cost of housing is 28% lower. Monthly utilities are 5% lower, transportation is 6% lower, and healthcare is 8% lower.
Georgia
Last on the list of the cheapest states to rent in is Georgia. For a studio apartment in Georgia, you’re going to be paying an average of $602 per month, and for a 3-bed home, an average of $1,097.
You will have access to bigger and more exciting cities like Atlanta and Savannah in Georgia. As a southern business hub, the proximity of Atlanta may also influence your ability to work in the state. Georgia does not have limitations on rental application fees.
The cost of living in Georgia is 10% below the national average, utilities are 12% lower, and transportation is 6% lower. If you eventually decide to buy, housing prices are also 20% below the national average.
Final Thoughts
While all of these statistics paint a great picture of the affordability of each state, it is important to remember that prices can vary greatly in these states, and these prices only depict an average.
In addition, you should take into account whether there are job opportunities for you in each state, whether it is accessible to relatives wanting to visit, and other factors that can’t be defined by stats alone.
