Renters Beware US Cities With the Highest Rent Costs

March 31, 2016
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Some Americans stay in one place their whole lives. They develop deep roots in their hometown and couldn’t imagine living anywhere else. In fact, over half (57%) of adults have not lived outside their home state. As many as 37% have never moved away from the town in which they were raised.

On the other end of the spectrum, 15% of Americans have lived in four or more states, and 63% have moved to a new community at least once in their lives. The average American actually moves about 12 times in his or her life.

If you move frequently, you probably rent. You most likely have lived in several different apartments or townhomes in your state or even across the country. You understand the struggle of packing up and leaving a place when the rent gets jacked up or your job takes you someplace different. It’s difficult, but it can also be really exciting.

Did you know that 37% of all U.S. households are rental properties? That’s a lot of apartments for rent! It’s not hard to find a decent, well-priced place in some cities and towns, but others have become known for being a rental nightmare.

Top 10 Cities With the Highest Rent

  1. San Francisco, CA – Median 1 Bedroom price: $3,500/month
  2. New York, NY – Median 1 Bedroom price: $3,3200/month
  3. Jersey City, NJ – Median 1 Bedroom price: $2,490/month
  4. Washington DC – Median 1 Bedroom price: $2,200/month
  5. Boston, MA – Median 1 Bedroom price: $2,500/month
  6. San Jose, CA – Median 1 Bedroom price: $2,200/month
  7. Los Angeles, CA – Median 1 Bedroom price: $1,950/month
  8. Seattle, WA – Median 1 Bedroom price: $1,800/month
  9. Stamford, CT – Median 1 Bedroom price: $1,800/month
  10. Chicago, IL – Median 1 Bedroom price: $1,670/month

Obviously some locations are more affordable than others, and finding a good apartment often comes down to pure luck. So why do we do it? The earliest humans were nomadic, traveling from place to place, following their food. We no longer have to hunt for sustenance, but many of us still enjoy that sense of adventure. The grass may not be greener on the other side, but we sure do want to find out!