15 states where the cost of a one-bedroom apartment has declined over the year

One of the well-known rules of personal finance is that housing costs should not exceed 30% of your monthly income. Despite this guideline, PBS NewsHour reported that half of all U.S. renters spend more than 30% of their income on rent and utilities. However, if you're looking for a way to save money on rent, there's good news. The cost of a one-bedroom apartment has dropped in 15 cities across the United States.

To determine which states are getting cheaper for one-bedroom apartments, GOBankingRates used ApartmentList data for February 2024 to find the cost of renting a one-bedroom apartment for February 2023 and February 2024 in each U.S. state. From there, we were able to determine the year-over-year changes in monetary and percentage changes in the cost of renting a one-bedroom apartment and rank only the states with negative values.

In descending order, here are 15 states where studio apartment rentals are becoming more affordable.

• 15.

February 2023 rent for a 1-bedroom apartment: $1,441

February 2024 - rent for a 1-bedroom apartment: $1,440

Annual change ($) in rent of 1-bedroom apartment: -$1

Annual change (%) in rent of 1-bedroom apartment: -0.07%

And so on...