Mission Impossible Revisited: What $500 Rent Got You in 2020 vs. 2025

Renting in some of the nation’s most sought-after cities often means paying top dollar. But if you’re not set on relocating to pricey hubs like New York City or San Francisco, more affordable options do exist — though typically in smaller, less densely populated cities.

Back in 2020, in the midst of the COVID-19 pandemic, we took on a challenge that felt nearly impossible: finding apartments across the U.S. listed for $500 or less per month. At a time when remote work was on the rise and urban migration patterns were shifting, we combed through countless listings, aiming to identify the most livable and surprisingly affordable rentals at that price point.

Sure, $500 didn’t stretch far — most options were modest in size — but many came with desirable amenities and solid locations. And despite how rare they seemed, all of the listings we featured were 100% legitimate, pulled directly from property managers via RentCafe.com.

When the article was first published, it served as a snapshot of what affordability looked like in 2020 — a year marked by major disruptions and shifts in the rental market.

Now, in 2025, with inflation, market corrections, and changing demand reshaping the landscape, we’re revisiting those same properties to see how far rents have come and compare them to the rent average at the neighborhood and city level. This update gives renters a clearer picture of how affordability has evolved during those five years.

So, without further ado — and in no particular order — here’s what $500 could get you in select budget-friendly U.S. cities back in 2020, and how those areas stack up today:

1. Wichita, KS

• Listing: Eagle Creek
• Layout: studio / 1 bath
• Property monthly rent as of September 2020: $481
• Property lowest rent as of April 2025: $607
• Hedgewood neighborhood average rent as of April 2025: $783
• Wichita average rent as of April 2025: $916

Is Wichita known for its over-the-top parties and nonstop entertainment? Not exactly. But what it lacks in glitz, it makes up for with charm, comfort, and affordability. In 2020, you could rent a studio apartment for just $481 a month — and enjoy access to amenities like a pool or a community clubhouse, perfect for relaxing or socializing with neighbors.

Those renting in Wichita enjoy a laid-back, suburban vibe with access to parks, cozy coffee shops, and a solid dining scene. It may not be Las Vegas, but you can still enjoy cultural gems like museums and local art galleries at your own pace. Best of all, with generally affordable rents and cost of living in Wichita, you’d have more money in your pocket — maybe even enough to fund a weekend getaway to one of those livelier destinations when the mood strikes.

2. Lawton, OK

• Listing: Sheridan Square Apartments
• Layout: studio / 1 bath
• Property monthly rent as of September 2020: $470
• Property lowest rent as of April 2025: $699
• Sheridan Square average rent as of April 2025: $921
• Lawton average rent as of April 2025: $861

You won’t find flashy tourist attractions in Lawton — and that might just be one of its biggest perks. In this southwest Oklahoma city, life moves at a more relaxed pace, free from the crowds and high costs of bigger urban centers. Back in 2020, renters could choose from a variety of affordable apartments without sacrificing half their paycheck each month.

Take this studio apartment, for example: It offered modern finishes, spacious closets, and generous cabinet storage. Residents also enjoyed amenities like a Hibachi grill area and a year-round heated spa — perfect for unwinding. And if you wanted even more, there was a 24-hour fitness center, community events, a DVD library, and other convenient extras that made everyday living feel just a bit more special.

3. Amarillo, TX

• Listing: Huntington Pointe Apartments
• Layout: 1 bed / 1 bath
• Property monthly rent as of September 2020: $469
• Property lowest rent as of April 2025: $730
• Soncy neighborhood average rent as of April 2025: $972
• Amarillo average rent as of April 2025: $966

Amarillo may be an average-sized city with a modest population, but in 2020, it stood out for something far from average: impressively affordable rent prices, even during the height of the pandemic.

One of the standout options that year was a one-bedroom apartment in a community packed with perks — including a BBQ/picnic area, an outdoor fitness courtyard, and not one, but two sparkling pools perfect for unwinding after a long day. Inside, the apartments offered comforts like air conditioning, fireplaces, vaulted ceilings, and newly upgraded interiors. Add in an outdoor grilling area and a gazebo, and you had a well-rounded living experience that blended affordability with comfort and convenience.

4. Shreveport, LA

• Listing: Orleans Square
• Layout: 1 bed / 1 bath
• Property monthly rent as of September 2020: $500
• Property lowest rent as of April 2025: $710
• Springlake – University Terrace neighborhood average rent as of April 2025: $767
• Shreveport average rent as of April 2025: $884

The appeal of living in Shreveport lies in its blend of great food, abundant green spaces, and surprisingly affordable rent. Back in 2020, for just $500 a month, renters could enjoy a cozy apartment in a community packed with perks — including a clubhouse, three sparkling pools, and two tennis courts.

Beyond the property itself, living in Shreveport meant being just minutes from popular restaurants, lively bars, and a wide range of shopping options. With its mix of comfort, convenience, and affordability, it was easy to see the value this Louisiana city had to offer in the midst of the pandemic.

5. Springfield, MO

• Listing: Crosswinds Apartments
• Layout: 1 bed / 1 bath
• Property monthly rent as of September 2020: $500
• Property lowest rent as of April 2025: $700
• Southern Hills neighborhood average rent as of April 2025: $847
• Springfield average rent as of April 2025: $1,102

Living in Springfield offers everything you need — and then some. With a solid mix of entertainment, cultural attractions, and everyday conveniences, it’s easy to stay engaged without feeling overwhelmed. Best of all, rent prices in 2020 were incredibly budget-friendly: For just $500 a month, you could score a spacious 700-square-foot apartment — far more room than you’d typically find for that price in many other cities.

And it wasn’t just about the square footage. These apartments also came with access to great amenities, including a basketball/volleyball court, a pool, and a sun deck — giving renters both comfort and recreation without leaving home.

Disclaimer: This article was first published on October 9, 2020, and updated on April 23, 2025. Prices and availability are as of September, 2020 and April 2025, respectively, and are subject to change.