Californians are well aware that we often rank at the bottom when it comes to getting the most value for our rent. Ideally, housing costs shouldn’t exceed 30% of our income, but for most SoCal residents, that budget is nothing short of a dream. But while rent in San Diego is high, we’re doing better than other Californian cities, such as L.A. or San Francisco.
Average rent in the U.S.
Recently, Redfin published the results of a new study, looking at who gets the most space for the same budget, when it comes to renting. Here’s how the conclusions were drawn: the amount shown as the median asking rent is not the median of what all renters are paying, but the median asking price of apartments that were available for new renters during the report period.
The median U.S. apartment asking rent in October, 2024, was $1,615. That means the projected apartment size for a $2,000 budget would be 1,103 square feet.
The median asking rent peaked at $1,700 in August 2022, where you’d get a 1,029 square foot apartment for $2,000 – 74 square feet smaller than today.
Are renters getting a better deal nowadays?
“Renters are getting more bang for their buck than they were during the pandemic” said Redfin Senior Economist Sheharyar Bokhari. He adds: “Rent affordability has improved thanks to the recent apartment construction boom, especially in Sun Belt states. That trend is likely to continue into 2025, as there are a lot of still-to-be-finished apartment buildings due to come online.”
Where do you get the most bang for your buck?
If you’re searching for the best rent deals in US, look at cities like Memphis, Louisville, St. Louis or Houston – where you can get over 1,380 square feet for a $2,000 budget.
Rent in San Diego
The bad news is – San Diego is on the list of most expensive rents. Currently, for a $2,000 budget, we’re expected to get about 602 square feet.
Who’s paying even more? For the same money, L.A. is averaging 591 square feet, and S.F. gets just 565 square feet. Another Californian city tops the list: San Jose gets just 537 square feet for 2K.
What do you think? Is the “sun tax” worth it in San Diego?