U.S. Apartments - Statistics & Facts

Though they might seem like a downgrade from a single-family home, there are countless advantages to living in an apartment. They are often less expensive than houses, and they can be just as charming and cozy. Although they are typically smaller than houses, they are a much more efficient use of space than traditional single family houses. In densely populated areas such as New York City or Hong Kong, apartments are often the only housing option for the vast majority of people. However, rental rates have been on the rise across the country, with the median monthly asking rent for an unfurnished apartment amounting to nearly 1,500 U.S. dollars as of 2017, increasing by about 400 U.S. dollars in five years. In addition, the overwhelming majority of new rental apartments built in the United States are high-end rather than mid-range or affordable, pointing to potential issues with the provision of low-income housing. This share has increased from 52 percent in 2012 to 87 percent in 2018. Despite the increase in luxury apartments being constructed in the United States, the average size of newly built apartments has seen a slight decrease in the past decade.

The fair market rent value of two-bedroom apartments varies considerably by state, with Hawaii having the most expensive rent at nearly 1,900 U.S. dollars on average, and Arkansas having the most affordable at around 720 U.S. dollars, not including Puerto Rico. However, the most expensive U.S. region in terms of housing costs is the San Francisco Bay Area. In 2018, the U.S. city with the highest average rent for a one bedroom apartment was San Francisco, CA at 3,535 U.S. dollars, more than twice the national average. In order to afford a two-bedroom apartment in Marin, San Francisco, or San Mateo counties, an hourly wage of at least 60 U.S. dollars is required.

Some of the nicest benefits of living in an apartment building are the amenities that would not come with a typical single family house. These could include laundry facilities, pools, parking garages, fitness centers, and so on. In New York City, an apartment building with a doorman typically raises the monthly rent by over 250 dollars. Some of the most common amenities across different U.S. cities are dishwashers, washer-dryer units, and swimming pools.

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Apartments in the United States

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