According to federal guidelines, if you pay more than 30 percent of your gross income toward rent and utilities, then you are “rent-burdened.” And when it comes to putting a roof over your head, every part of the country isn’t created equal.
For the most part, things tend to balance out with some sort of parity. Maybe you’re making 12 bucks an hour working in North Dakota, but your rent and cost of living are pretty low so for the most part, everything evens out. But in a lot of places, things still don’t quite shake out completely evenly, and where you live almost guarantees that you’ll be taking a loss, rent-wise. Thinking of moving into a new apartment rental? Make sure to take photos of these five things before moving in.
A new report from Zumper took a look rental markets in cities across the United States to figure out where exactly you should go if you don’t like having money. The November National Rent Report compared the median prices of monthly rent in one bedroom apartments across the U.S. and ranked the cities from most to least expensive. The top 10 most expensive cities, with the median rent costs, are as follows:
- San Francisco, California ($3,420)
- New York, New York ($2,870)
- San Jose, California ($2,360)
- Washington, D.C. ($2,290)
- Boston, Massachusetts ($2,200)
- Los Angeles, California($2,100)
- Oakland, California ($1,960)
- Seattle, Washington ($1,800)
- Miami, Florida ($1,750)
- Honolulu, Hawaii ($1,730)
The report took into account the rental markets of 100 total U.S. cities. One month’s rent in the most costly city (San Franciso, California – $3,420) could pay for over seven months rent in the least costly city on the list (Fort Wayne, Indiana – $470.) Wherever you rent, you’ll want to be up-to-date on these things all landlords want their tenants to know.