Five Affordable Cities

Ripe for putting down roots

By Yardi Blog Staff on May 7, 2015 in News

“New York apartment market stays white-hot,” “Seattle multifamily development on a roll,” “San Francisco rents through the roof,” – we’ve all read the headlines. We come across them daily, as the nation’s top metro areas continue to post high rent growth numbers and apartment projects continue to pop up all over America’s large urban centers. While the apartment market’s rebound and growth has undeniably brought great economic improvements nationwide, it is just as undeniable that the past few years’ explosive growth in the country’s top markets has led to pervasive housing affordability issues. While incomes are overall more substantial in large urban centers, so are living costs.

With half of America’s renters spending 30 percent of their income on housing and a quarter spending over 50 percent of their income on their apartments, unaffordability is a hot-button issue. The good news is there are a few pockets in America, where housing and living costs coalesce with employment opportunities for affordable living. According to a recent Forbes analysis, many of America’s affordable cities are located in the South and Midwest. We’re taking a look at some of the housing options available in the five most affordable cities in the U.S. as established by Forbes.

1. Birmingham, Alabama

Named the most affordable of the nation’s 100 largest metro areas by Forbes, Birmingham, Alabama is boasts a median family income of $61,000 which means that you can live in style in the largest unit available at Arium Inverness, and still brag about having an affordable apartment. That’s right, this stylish community’s largest units, which clock in at 1,400 square feet, charges between $915 and $1,085 per month. That bargain deal includes three bedrooms with a loft, two bathrooms, a dining room, a balcony and den. Other posh features include walk-in closets, soaking garden tubs, wood burning fireplaces and vaulted ceilings. This Carroll Organization apartment community also boasts two pools, a fitness center, BBQ and picnic spots and lake views. The community also features smaller units of one- and two-bedrooms that start at 650 square feet and $520 per month.

2. Knoxville, Tennessee

With groceries 11.2 percent below the national average and transportation 14.7 cheaper, Forbes named Knoxville the second most affordable city in the U.S.A. That bodes well for students studying at the University of Tennessee and Pellissippi State Community college, especially paired with the $375 to $565 rent range available at Gateway at Knoxville Apartments. The community features two-bed 382-square-foot and 305-square-footfour-bed floor plans. Units come fully furnished with fully-equipped kitchens, full-size washer and dryers, patios and balconies and furnished private bedrooms. Gateway at Knoxville Apartments amenities include a 24-hour fitness center, 24-hour clubhouse complete with computer lab, basketball, tennis and sand volleyball courts, pool, hot tub, picnic and BBQ areas, game room with Wii, Xbox, Playstation, flat screen TVs, complimentary tanning and parking and shuttle service to the university. The community is part of International Realty Management’s portfolio.

3. Buffalo, New York

With 81.8 percent of housing affordable at the median family income of $63,900, Buffalo, New York offers plenty of rental options. One property that stands out is 40-unit family-oriented Packard Apartments that occupies the renovated historic Packard Automobile Building on Main Street. Rents start at the bargain deal of $310 and top out at $834. Units range between 624 and 1,663 square feet and come in one-, two- and three-bedroom layouts. Amenities include a community room, complimentary off-street parking and a playground. Packard Apartment is professionally managed by Belmont Management.

4. Oklahoma City, Oklahoma

With the median family income at $61,400 and groceries and utilities 10.1 percent cheaper than the national average, Oklahoma City’s economic environment is definitely one of the most affordable in the country. This means that the average family can easily afford the $770 to $1,235 rent range of Spring Creek of Edmond, a community that features one-, two- and three-bedroom apartments ranging between 790 and 1,480 square feet. Amenities include a fitness center, swimming pool and on-site courtesy patrol. Units feature fireplaces, oversized closets, vaulted ceilings, patios or balconies, stainless steel appliances and hardwood floors. Spring Creek is managed by Steadfast Management and offers senior and active military discounts.

5. Cincinnati, Ohio
   

   Alston Park

At $68,500 Cincinnati has highest median family income of the top five most affordable cities, according to Forbes. A great example of the city’s affordable housing stock is The Woda Group’s 39-unit Alston Park. The affordable housing community (re)opened in April 2014 following a comprehensive rehab of the property which garnered the City of Cincinnati’s Department of Trade and Development the President’s Award for Innovative Practices from the Ohio Conference of Community Development. The previously outdated community now includes multiple green features, such as energy efficient HVAC and lighting, low-flow water fixtures, low VOC paints, sealants and carpeting and water-efficient landscaping. Alston Park’s amenities include a community clubhouse, BBQ and Picnic area and a playground. The community features two- and three-bedroom units ranging between 745 and 870 square feet. Rents clock in at $610 and $705 respectively.