The monthly cost to live in any major U.S. metropolis is only getting more and more expensive.
Just in May, Americans saw rents grow by 4.8% to about $2,048 a month on average nationally, according to Zillow Observed Rent Index data.
Lawn Love, a yard care business, ranked 2023's most expensive metro area for renters. It compared 172 based on three categories: average rent prices, year-over-year rent charges, and the share of renters spending over 30% of their income on rent and utilities.
Overall, the report found that if you're looking to live on a coast, prepare to pay up. All of the top 10 most expensive metro areas for renters are near the shore.
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Top 10 most expensive metro areas for renters
- New York City, N.Y., Newark, Jersey City, N.J.
- Miami, Fort Lauderdale, Pompano Beach, Fla.
- Oxnard, Thousand Oaks, Ventura, Calif.
- San Diego, Chula Vista, Carlsbad, Calif.
- Urban Honolulu, Hawaii
- Los Angeles, Long Beach, Anaheim, Calif.
- Napa, Calif.
- Naples, Marco Island, Fla.
- Washington D.C., Arlington, Alexandria, Virg.
- 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.
Money Report
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.
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.
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.
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