The average monthly rent across the US now sits at $1,995, according to Zillow. That's 5% lower than last year and only 15% higher than in 2020, well below the 25% inflation rate over the same period. In fact, renting is now cheaper than paying a mortgage in America, with the typical payment on a home last year 38% higher than the typical rent, according to Bankrate.

So what does $1,995 get you in today's rental market? In some cities, it's enough for a spacious family home. But in others, it barely stretches to a tiny studio apartment. Read on to discover just how far the average monthly outlay goes in 10 major cities.

Hailed for its super-affordable living costs, this revitalized Rust Belt city has morphed into one of America's hottest housing markets. While rental costs have been creeping up over the past few years as bargain hunters have rushed in, they remain refreshingly affordable, with the average monthly outlay just $975.

Needless to say, the nationwide average of $1,995 can snag you something pretty tony in Toledo. For instance, a 1,255-square-foot, three-bedroom, two-bathroom unit in the swish Steeplechase complex, which boasts a pool and fitness center, comes in at only $1,964 a month.

Another economical housing hotspot, Wichita ranks as the US city with the highest share of apartment listings with monthly rent under $1,000, according to a recent Zillow study. Its overall average, which includes family homes, stands at $1,200. With $1,995 to play with, you're spoiled for choice in this Kansas city.

Dating from 1900, this dreamy Victorian home is priced at bang on the national average. Combining old-world charm with contemporary updates, it sprawls over 3,000 square feet, with four bedrooms, two bathrooms, and luxe spaces such as a sunroom and piano room.

Oklahoma is among the least rent-burdened states and its major city remains reassuringly affordable despite an upswing in the population. At $1,359, its average rent is almost a third lower than the national figure.

Billed as “Northwest OKC's premiere rental community,” Trulo Homes Quail Village is surprisingly budget-friendly, despite the community's upscale vibe and high-end amenities that include a pool and clubhouse. Spanning 1,250 square feet, three-bedroom, two-bathroom homes, each with a private yard, rent for $1,999 a month, just above the nationwide average.

The state of New York’s second-biggest city is a world away from the world-class number one, with rental costs among the most striking differences. Last year a Zillow study named Buffalo as America’s most affordable rental market, where a typical renter needs about $55,000 a year versus $80,000 on average nationally, and the typical monthly rent is just $1,392.

Big Apple style comes cheap in Buffalo: think this 850-square-foot loft in the hip Barcalo Living & Commerce lifestyle center. Rocking two large bedrooms, a premium bathroom, and kitchen with quartz countertops, it'll set you back only $1,805 per month, a fraction of what you'd pay for a similar place in Manhattan.

After years of rapid growth, Phoenix's once-sizzling rental market has cooled, giving renters a welcome breather. Even after its boom, the city remains relatively affordable, with average monthly rent still below the national figure at $1,832.

That budget stretches surprisingly far. At the exclusive Spire Deer Valley complex in North Phoenix, a 1,362-square-foot, three-bedroom, two-bathroom apartment rents for $1,995 a month, right on the national average, yet comes with resort-style perks such as two swimming pools, private cabanas, a secluded spa enclave, and a residents' clubhouse.

The Windy City is comparatively affordable in relation to its size and importance, coming in cheaper than other cities of its stature. Right now, its average monthly rent sits at $1,900, which isn't far off the average for the US as a whole.

Listed to rent for $1,995 per month is this 750-square-foot, one-bedroom, one-bathroom apartment in the Regents Park complex in Hyde Park, which features an array of enviable amenities including a pool and gym.

LA rents have declined over the past year but they remain steep, with the typical monthly outlay coming in at $2,725, which is 37% higher than the national average. With only $1,995 to work with, finding anything bigger than a one-bedroom home is a challenge unless you don't mind living in one of the city's less salubrious locales.

That sum will however land you a 660-square-foot studio apartment in the iconic chateauesque-style Fontenoy building in the heart of Hollywood, which has been home to the likes of William Holden, Nicolas Cage, and Johnny Depp.

Finding an affordable place to rent in Miami is no mean feat. Price rises may have calmed down overall over the past year but they've continued to shoot up in the most in-demand neighborhoods. The average monthly citywide rent is now $3,039.

That $1,995 doesn't get you all that much space-wise downtown, but it is enough for a basic studio in a fancy complex. A 338-square-foot unit is on offer for just under that monthly sum in the fabulous Atlantic Square development, which features two pools, cabanas, a cutting-edge fitness studio, and other top-end amenities.

The average monthly rent in New York City has climbed to $3,499, up from $3,355 at the same time last year. With a budget of just $1,995 a month, options in the Big Apple are extremely limited. Out of reach is much of Manhattan, where even the tiniest home exceeds that figure, leaving lower-income renters effectively confined to the outer boroughs.

A typical property for around that price is this 285-square-foot studio in a newly built complex in Brooklyn's Sheepshead Bay neighborhood. It's listed for $2,000 per month.

San Francisco is notorious for its eye-watering living costs, with housing especially pricey. The most expensive major US city for renters, its monthly average now stands at $3,650, an increase of 11% compared to the same time last year. That figure is a staggering 83% higher than the national average.

As you can imagine, pickings are extremely slim with a budget of just $1,995 per month. Only the smallest homes are within reach, such as this 280-square-foot studio in the Lofts at 7 apartment community in the Civic Center neighborhood, which is available for $1,895 a month.

Now take a look at the salarly you need to buy a home in US cities