Sky high rent prices are forcing adults to downsize their lifestyles. Millennials and older Gen Zers are tightening the purse strings, with some even moving back home to live with their parents to save money.
Even those who planned to move cross country are taking another look at their plans, but fortunately, Zillow is taking some of the guesswork out of moving decisions
According to new data from the real estate company, the best place for singles to move is Wichita, Kansas.
With a population of just over 400,000 people, it’s centered between Manhattan and San Francisco, two of the most expensive US cities right now. The median rent for a single person is just under $1,000 per month at $966. The findings also noted that Wichita doesn’t have a large single population but is the most attractive place to relocate to because of its “incredible affordability,” as reported by Bloomberg.
Despite its many exciting attributes, New York ranked at the bottom of the list in terms of the best location for singles to live based on affordability.
“Metro areas like Wichita, where your housing dollar stretches further, are particularly appealing at a time when, nationally, rents are nearly 16% higher than last year,” said Amanda Pendleton, a Zillow rep told Bloomberg.
Since singles are the majority of the renter’s pool in the US, they typically bring in fewer earnings than married people and are being challenged with rising costs for food, utilities, and especially rent, not to mention the housing shortage.
Zumper pointed out that rental prices for one-bedroom apartments increased by 11.4% since last year. In Manhattan, people are paying $4,000 for the first time in years.