Starting Out: The High Cost of Renting an Apartment

Posted by: Allie P. | Jan 11,2008

With new home mortgages on the decline, conversely, apartment and home rentals are on the rise. And while home prices fall, rents have stabilized in many metro areas- at a very steep price. This doesn’t present a problem for savvy businesspeople that are holding off on buying a place, as home prices continue to go down. But it can be very difficult for people just starting out to find a place that they can afford.

 

People who live in cities like San Francisco and New York will pay $2000 to $3000 on average in monthly rent for an apartment. Salaries in the left and right coast metro areas are higher, but they may not be high enough to compensate for the expensive cost of living.

 

Midwestern cities fare much better- Columbus, Ohio and Indianapolis, Indiana residents pay just over $600 a month in rent. St.Louis and Kansas City, Missouri and Cincinnati, Ohio pay a little more to rent an apartment but on average, they still pay less than $700 a month on rent.

 

If you’re thinking about moving, and you’ve got the cost for the moving truck, first and last month’s rent and various other fees to pay, consider financing the costs. If you get a low interest credit card, you can charge the expenses and then pay them off, before the promotional period ends. 

 

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