The monthly cost of living in any major U.S. metropolitan area is only going to get more expensive.
According to the Zillow Observed Rent Index, as recently as May, rents for Americans rose by an average of 4.8% nationwide to around $2,048 a month, according to the Zillow Observed Rent Index.
Lawn Love, a yard care company, has been named the most expensive metro area to rent in 2023. It compared 172 based on three categories: average rent price, year-over-year rent, and the percentage of tenants who spend more than 30 percent of their income on rent and utilities.
Overall, the report found that if you want to live by the sea, be prepared to pay. The 10 metro areas with the most expensive rents are all by the sea.
The 10 most expensive metro areas for rent
- New York City, New York State, Newark, Jersey City, NJ
- Miami, Fort Lauderdale, Pompano Beach, Florida.
- Thousand Oaks Oxnard, Ventura, CA
- San Diego, Chula Vista, Carlsbad, CA
- Downtown Honolulu, Hawaii
- Los Angeles, Long Beach, Anaheim, CA.
- Napa, California
- Naples, Marco Island, Florida.
- Washington, DC, Arlington, Alexander, Verger.
- Bridgeport, Stamford, Norwalk, Connecticut.
The New York City tri-state area was the most expensive on the list. It is one of the most cost-burdened tenants, spending more than 30 percent of their income on things like rent and utilities.
The average rent in Newark is $1,850, Jersey City is $2,500 and New York City is $3,610, according to Zillow’s rental managers.
According to Payscale, the cost of living in the area is 26% higher than the national average. Housing costs are 74 percent higher than the national average, and utility prices and transportation are 10 percent higher than the national average.
Rounding out the list are Miami, Fort Lauderdale and the Pompano Beach, Fla., metro area.
It has the highest share of cost-affording renters, with more than 62 percent spending the majority of their income on rent.
Rents in this Florida area range from $2,115 to $2,711, according to RentCafe. The total score for this area is 55.68 out of 100.
Oxnard, California, Thousand Oaks and Ventura, all in the greater Los Angeles area, came in third. It scored 55.17 out of 100, making it the second least affordable area, according to Lawn Lovers.
The average rent in this California area ranges from $2,533 to $2,704.
It also ranks as the fourth-highest average rent in the U.S., behind only two other areas in California: Napa and San Jose, Sunnyvale and Santa Clara.
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