One of the defining factors in choosing a new apartment or place to live is the cost of rent. Across the nation, rental prices have soared during the recovery after the “Great Recession,” and many people have had to deal with dedicating a high percentage of their income to rent each month. For residents of Albuquerque, the relatively affordable cost of living has allowed many families to move into larger and more well-appointed apartments, as well as move onto the adventure of home ownership.
For many families, finding an affordable home – whether that home is in an Albuquerque apartment community like Alvarado Apartments or a single-family home – is at the top of the list during the search for a new place to live. If you’re currently looking at moving to Albuquerque in the near future, or you’re thinking about moving into a different home, here are some details, averages, and numbers to consider during your search.
Cost-of-Living in an Albuquerque Apartment and Rental Costs
Searching for rentals on real estate website Zillow reveals more than 400 results for rental homes that range from 1-bedroom town homes that cost $549 a month to 4-bedroom houses that cost $3,250 a month in rent. The Albuquerque Economic Development group reveals that median household income in Albuquerque is $50,192 and the average household income is $69,380. Nationwide, median household income is around $56,500, but a low cost of living in Albuquerque ensures affordability.
To keep in line with what budget experts suggest is an affordable amount of rent, a family making the Albuquerque median household income of $50,192 would need to keep their rent at or below $1,254. Experts generally recommend households pay no more than 30% of their monthly income in rent. However, many cities around the United States have current rental averages that far exceed available income for rent. Albuquerque’s low cost of living helps ensure the number of families burdened by high rent remains low.
Average Costs for Rent in an Albuquerque Apartment or Home
According to further information from the Albuquerque Economic Development group, Albuquerque was named as a top place for wealth building, due in great part to its affordable housing. When compared to other popular locals like Boston, Denver, and Los Angeles, Albuquerque came in below the nationwide median for cost-of-living. In all categories, Albuquerque was measured at below average for costs for grocery bills, housing costs, transportation, health care, and utilities.
Living in a community with low or affordable costs means having freedom when it comes to selecting a place to live. The cost of renting a home, buying a home, or renting an apartment may factor into a person’s choice to live in one place or another. Affordable costs may mean having the choice of living in a “bare bones” apartment or a luxury apartment, as well as having the opportunity to become a homeowner sooner than a family might have anticipated.
Live in Style at Alvarado Apartments
Rental costs are just one of many factors that you may need to consider when seeking a new apartment in Albuquerque. Located in Downtown Albuquerque, our apartment community offers a variety of floor plans with studios, 1-bedroom apartments, and 2-bedroom apartments available. We’d love to see you stop by for a tour of our excellent apartments in Albuquerque. Contact us today to set up a time to visit.