Bruno Venditti
2024-06-11 08:12:24
www.visualcapitalist.com
See this visualization first on the Voronoi app.
Ranked: U.S. Cities with the Highest Rent in 2024
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Rental prices have surged in several American cities in recent years. Factors such as inflation, a limited housing inventory, a changing workforce, and barriers to homeownership have all contributed to the increase in rent costs.
This graphic shows the top 10 American cities with the highest rental costs as of May 2024, according to the Zumper National Rent Index. Prices are for 1-bedroom units.
NYC Prices: $4,200 for One-Bedroom
New York tops the list with an average monthly cost of $4,200 for a one-bedroom apartment. Not only is it expensive, but due to high demand, living in the Big Apple can be competitive.
While half of all renters in the U.S. spend more than 30% of their income on rent, residents in New York can spend more than 40% of their income renting a place.
| Ranking | City | Price in 2024 | Price in 2023 | YOY change |
|---|---|---|---|---|
| 1 | New York, NY | $4,200 | $3,780 | 11.1% |
| 2 | Jersey City, NJ | $3,330 | $3,181 | 4.7% |
| 3 | San Francisco, CA | $2,950 | $3,001 | -1.7% |
| 4 | Boston, MA | $2,830 | $2,700 | 4.8% |
| 5 | Miami, FL | $2,770 | $2,900 | -4.5% |
| 6 | San Jose, CA | $2,570 | $2,630 | -2.3% |
| 7 | Arlington, VA | $2,380 | $2,299 | 3.5% |
| 8 | San Diego, CA | $2,370 | $2,401 | -1.3% |
| 9 | Washington, DC | $2,300 | $2,371 | -3.0% |
| 9 | Los Angeles, CA | $2,300 | $2,421 | -5.0% |
Across the Hudson River, Jersey City ranks second, with one-bedroom suites priced at $3,330.
On the West Coast, San Francisco leads with $2,950 for a one-bedroom unit. Four of the 10 most expensive cities to rent are in California.
According to a study by Harvard University, the pandemic has intensified the housing affordability crisis in the United States. While high-end market supply may offer some relief to middle and higher-income renters, lower-income households will continue to struggle due to high construction costs and market dynamics.
What are the most valuable housing markets in the United States? We ranked housing markets in this chart to find out.
The post Ranked: U.S. Cities with the Highest Rent in 2024 appeared first on Visual Capitalist.
Source Link
