Cities Where Single Americans Can Live Cheaply

Affordability Improves

Apartment prices are becoming more affordable for single renters in some cities, according to The Economist’s 2024 Carrie Bradshaw index. This analysis uses data from the Bureau of Labor Statistics and digital property marketplace Zumper to compare median wage to median studio rent in America’s 100 largest cities.

Increasing Wages, Housing Supply

The Economist considers a city “affordable” if the median studio rent is equal to or less than 30% of the median wage. This year, 62 U.S. cities met that criteria, up from 38 last year.

The bump in affordability for single renters is mainly due to rising wages and an increase in housing supply. The Sun Belt region added more than 800,000 rental units in 2023 which helped ease prices in Southern states, per The Economist. At the same time, the average wage increased by 6% in the region’s cities.

Some of America’s most affordable cities include Wichita, Akron, and Baton Rouge. And larger cities such as Phoenix, Dallas, and Philadelphia have moved back into the “affordable” range over the past year.

Stabilizing Prices

Still, high rents and a shortage of housing remain issues across America. While the supply increased in the South, the US will still need to build 4.3 million more apartments by 2035 to meet demand.

The Carrie Bradshaw index reflects some improvement, however, and a degree of stabilization in many markets that suffered from volatile rent prices following the pandemic.

These developments also highlight evolving migration patterns — especially for those working remotely — who continue to seek more viable living situations outside of major metros like New York and San Francisco.

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