These are the 10 most expensive metro areas in the U.S. for renters—4 of them are in California

Date:

Top 10 most expensive metro areas for renters

  1. New York City, N.Y., Newark, Jersey City, N.J.
  2. Miami, Fort Lauderdale, Pompano Beach, Fla.
  3. Oxnard, Thousand Oaks, Ventura, Calif.
  4. San Diego, Chula Vista, Carlsbad, Calif.
  5. Urban Honolulu, Hawaii
  6. Los Angeles, Long Beach, Anaheim, Calif.
  7. Napa, Calif.
  8. Naples, Marco Island, Fla.
  9. Washington D.C., Arlington, Alexandria, Virg.
  10. Bridgeport, Stamford, Norwalk, Conn.

The New York City tri-state area ranked as the most expensive on the list. It has one of the highest shares of cost-burdened renters who are paying over 30% of their income on expenses like rent and utilities.

While the average rent in Newark is $1,850 and $2,500 in Jersey City, in New York City it is $3,610, according to Zillow’s rental manager.

According to Payscale, the cost of living in this area is 26% higher than the national average. Housing expenses are 74% higher than the national average and utility prices and transportation expenses are also 10% higher than the national average.

The metro area of New York City, N.Y., Newark, Jersey City, N.J ranked as the most expensive for renters.

Alexander Spatari | Moment | Getty Images

No. 2 on the list is the Miami, Fort Lauderdale and Pompano Beach, Florida metro area.

It has the highest share of cost-burdened renters, with over 62% spending most of their income on rent.

The rents in this Florida area range from $2,115 to $2,711, according to RentCafe. The overall score of this area is 55.68 out of 100.

The Oxnard, Thousand Oaks and Ventura area in California ranked third on the list.

John Elk Iii | The Image Bank | Getty Images

Oxnard, Thousand Oaks and Ventura, California, which is part of the greater Los Angeles area, ranked third on the list. It scored 55.17 out of 100 and was the second least affordable area, according to Lawn Lovers.

The average rent for this California area ranged from $2,533 to $2,704.

It also ranked as the area with the fourth-highest average rent in the U.S., right behind two other California areas: Napa and San Jose, Sunnyvale and Santa Clara.

DON’T MISS: Want to be smarter and more successful with your money, work & life? Sign up for our new newsletter!

Get CNBC’s free Warren Buffett Guide to Investing, which distills the billionaire’s No. 1 best piece of advice for regular investors, do’s and don’ts, and three key investing principles into a clear and simple guidebook.

Read More

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related

Nvidia shares pass $1,000 for first time on AI-driven sales surge

Nvidia reported earnings after the bell. Here are the...

Fintech nightmare: ‘I have nearly $38,000 tied up’ after Synapse bankruptcy

Synapse is a middle man between customer-facing fintech brands...

Warner Bros. Discovery and ESPN strike 5-year deal for College Football Playoff games

Warner Bros. Discovery will carry two College Football Playoff...