Want to live in a big city on a small budget?

Want to live in a big city on a small budget?
With a lack of new construction plaguing the housing market, many people are left to rely on the rental market, which saw record-low vacancies in 2019.

Add that up and that means it’s getting more expensive to live in the city, but that doesn’t mean there aren’t affordable options.

To that end, realtor.com found some cities that have affordable surrounding neighborhoods.

“I expect affordability to very much remain a main challenge for the housing market in 2020 for both buyers and renters, partly because there’s very limited new-housing supply,” says George Ratiu, senior economist for realtor.com, in a release.

Realtor.com uncovered the highest city to rent in is San Francisco, where a one-bedroom goes for $3,473. In the San Francisco metro, the Sunset District, located just about five miles outside of town, it was found to be the most affordable surrounding city, with one-bedroom rent going at $2,380.

Fellow California city Los Angeles was also ranked among the top of the list. With median one-bedroom rent at $2,199, the neighboring city of Windsor Hills had median one-bedroom rent at $1,657.

And the lowest? Median one-bedroom rent in Houston is at $1,035. Meanwhile in its most affordable neighborhood, in Mission Bend, located about 20 miles West of the Texas metro, the median one-bedroom rent is $700.

Another Texas metro, Dallas, also sits on the lower end of the list. There, the median one-bedroom rent is $1,180. In its most affordable neighborhood, Northwest Dallas, the median one-bedroom rent is $747.

“For young professionals looking for a place to rent, the major trade-offs center around location, proximity to public transit and amenities, as well as building features,” Ratiu said.

From New York to San Francisco, here are more affordable neighborhoods to live outside of the country’s largest cities:

Philadelphia, PAMedian one-bedroom rent: $1,495Most affordable neighborhood: Somerton Median one-bedroom rent in Somerton: $800

Atlanta, GAMedian one-bedroom rent: $1,425Most affordable neighborhood: Dunwoody Median one-bedroom rent in Dunwoody: $871

Chicago, ILMedian one-bedroom rent: $1,450Most affordable neighborhood: Elmwood Park Median one-bedroom rent: $1,150

Miami, FLMedian one-bedroom rent: $1,700Most affordable neighborhood: Kendall West Median one-bedroom rent in Kendall West: $1,251

New York, NYMedian one-bedroom rent: $2,960Most affordable neighborhood: East Elmhurst Median one-bedroom rent in East Elmhurst: $1,755

Washington, DCMedian one-bedroom rent: $2,200Most affordable neighborhood: Chevy Chase Median one-bedroom rent: $1,838

Boston, MAMedian one-bedroom rent: $2,500Most affordable neighborhood: West Roxbury Median one-bedroom rent in West Roxbury: $2,186
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Source: https://www.housingwire.com/rss