I recently moved to New York City. I’ve always loved it here, and when an opportunity for a two-month sublet presented itself, I went for it.
My rent for a centrally located, 400-square-foot studio? $1,750 per month.
That’s by far the most I’ve ever paid in rent. But my friends who live here tell me it’s a good deal.
7 cities with rent that’s half the cost of NYC
I understand why people want to live in New York City or San Francisco; they’re incredibly vibrant cities with unparalleled career opportunities.
But that doesn’t mean you shouldn’t consider other places — like the cities below, which offer median one-bedroom rent that’s half the cost of the Big Apple.
Philadelphia, Pennsylvania: $970
If you want a metropolitan vibe, culture, and art without the sky-high prices of NYC, Philly might be the place for you. Although it has a population of nearly 1.6 million, its historic neighborhoods mean it rarely feels overwhelming.
It’s also conveniently located near many other big cities. For example, you’ll be two hours from NYC and three from Washington, D.C.
Sacramento, California: $940
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Want to live in the Golden State but avoid the astronomical prices near the Golden Gate Bridge?
Try the capital of Sacramento, about 90 miles inland from the Bay Area. It’s the fifth-most diverse city in the U.S. and has a population of nearly half a million. It might not be SF, but it has culture and history as well as a sizable river and wilderness area.
Nashville, Tennessee: $920
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One of my favorite cities in the country is also one of the hottest on the block. When I was there last year, an Uber driver told me 100 people move to Nashville every single day. According to The Tennessean, he was right.
If you like mild weather, live music, great food, and hipster bars, it might be just what you’re looking for. And if that’s not enough, this city of 660,000 is only three hours from Dollywood.
St. Petersburg, Florida: $930
I’m gonna put it out there: St. Pete is the coolest city in Florida. It might not have the all-night clubs of Miami or the theme parks of Orlando, but this 260,000-person city is insanely livable. (I would know; I lived there for over a year.)
It has a walkable downtown filled with locally owned restaurants and boutiques and an enviable position right on the shores of Tampa Bay. Plus, the local economy is booming, so you should have no trouble finding a job there.
Durham, North Carolina: $920
Durham is popping off. Since I lived there a decade ago, this city of 263,000 has undergone a serious revitalization.
A perfect example is the American Tobacco Historic District, a collection of trendy lofts, office spaces, and restaurants housed in old tobacco factories. You’ll also find a twice-weekly farmers market and Durham Bulls Athletic Park, home to the local Triple-A team, downtown.
Minneapolis, Minnesota: $910
In this city of 414,000, the winters are cold. But the abundant parks, nearby outdoor access, and growing tech scene might make up for it. You’ll find plenty of Midwestern sensibility and hospitality here too.
Minneapolis is also home to several professional sports teams and the Mall of America. And if you’re looking for a career, big corporations such as Target, General Mills, and UnitedHealth Group have headquarters in the Minneapolis metropolitan area.
Boise, Idaho: $700
I’m fascinated by Boise. It’s always on Outside’s list of the best places to live — and it’s certainly an outdoor mecca, with easy access to biking, hiking, climbing, rafting, and skiing.
Its four mild seasons encourage its 223,000 residents to get outdoors, so it’s no wonder it’s one of the healthiest cities in America. It still knows how to have fun, though, with more than 10 craft breweries located downtown and nearby.
How much moving would save you
Although nothing compares to the energy of New York City, the numbers might make you think twice about living there.
Because your income could decrease when you move, let’s consider rent alone — not any of the other lower costs of living in other cities.
If you were paying $2,090 per month in NYC and moved to Minneapolis, you could save $1,180 per month. Over 10 years, that would add up to $141,600.
In Minneapolis, the median home costs $237,400. So, in a little over three years, those savings could equal a down payment of 20 percent.
Or let’s say, for 10 years after moving, you invested that $1,180 per month into a retirement account that earned a 6 percent return. Forty years from now, even if you never contributed another dime, you’d have a nest egg of $1.1 million.
So, the next time you crowd into a packed subway car or pay $28 for a pizza, you might want to ask yourself the following question: Living in New York is fabulous and all, but is it worth a million bucks?
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
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1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 5.87% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 5.87% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
Savings example: average savings calculated based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were disclosed. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
Application detail: 5 minutes indicates typical time it takes to complete application with applicant information readily available. It does not include time taken to provide underwriting decision or funding of the loan.
Instant rates mean a delivery of personalized rates for those individuals who provide sufficient information to return a rate. For instant rates a soft credit pull will be conducted, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
Total savings calculated by aggregating individual average savings across total borrower population from 9/2013 to 12/2017. Individual average savings calculation based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were provided. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate||Visit SoFi|
|2.47% – 5.87%1||Undergrad & Graduate||Visit Earnest|
|2.47% – 8.03%4||Undergrad & Graduate||Visit Lendkey|
|2.95% – 6.37%2||Undergrad & Graduate||Visit Laurel Road|
|2.48% – 6.25%5||Undergrad & Graduate||Visit CommonBond|
|2.72% – 8.32%6||Undergrad & Graduate||Visit Citizens|