Here in the Midwest, rents are rising but still pretty reasonable, all things considered. Along the east and west coasts, however, rates are quickly climbing and in some cities completely out of control. Recently, the folks at Apartments.com put together a list of the 14 most expensive neighborhoods in the country based on several factors including the percentage of income spent on rent, median monthly household income, overall cost of living, and inflation.
According to CoStar, the average cost for a one-bedroom apartment rental in America is currently $939 per month. The average for a rental in the neighborhoods on the list below? More than double that number. In fact, in some of the neighborhoods on the list renters are shelling out over half their income on rent each month.
So which neighborhoods made the list? See the list below, courtesy of Housingwire.
14. Philadelphia: Rittenhouse Square – $1,860
13. Pasadena, CA: Southwest Pasadena – $2,957
12. Washington, D.C.: Foggy Bottom/GWU/West End – $2,662
11. Queens, NY: Hunters Point – $2,811
10. San Diego, CA: Harborview – $2,206
9. Newport Beach, CA: Newport Center – $3,133
8. Jersey City, NJ: Historic Downtown – $3,068
7. Great Neck, NY: Great Neck Plaza – $3,223
6. Palo Alto, CA: Crescent Park – $3,157
5. Oakland/Emeryville, CA: Golden Gate – $2,695
4. Boston: Government Center – $3,782
3. San Francisco: Yerba Buena – $3,643
2. New York City: DUMBO – $4,023
1. New York City: Penn Plaza/Garment District – $4,440
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