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The 20 Most Expensive Neighborhoods for Renters in the U.S.
By Anna Green
More and more affluent Americans are opting to rent homes in hip neighborhoods of major cities instead of shipping off to the suburbs. While earlier generations saved up to buy a suburban house, these days, those with money are often paying a premium to live in areas packed with delicious restaurants, prestigious cultural institutions, and exciting nightlife. In order to identify where affluent renters-by-choice are deciding to live, HomeUnion compiled a list of the neighborhoods with the highest average rent across the United States.
The list shows the most expensive neighborhoods where more than a quarter of the real estate market is rental stock. While only the wealthiest Americans are likely to find this list useful as a house-hunting tool, HomeUnion’s findings give fascinating insights into the neighborhoods affluent renters consider most desirable. Plus, if you’re currently looking to rent a home in a major city, the list usefully pinpoints some of the areas you might want to avoid if you’re not willing to shell out big bucks on rent.
1. Tribeca (New York, NY)
Average Rent: $8,762
Median Household Income: $204,822
2. FiDi/Rincon Hill (San Francisco, CA)
Average Rent: $4,980
Median Household Income: $151,879
3. Newport-Jersey City (Northern New Jersey)
Average Rent: $2,910
Median Household Income: $143,846
4. Herndon, VA (Washington, D.C.)
Average Rent: $2,462
Median Household Income: $142,488
5. Manhattan Beach (Los Angeles, CA)
Average Rent: $6,323
Median Household Income: $139,898
6. Cupertino (San Jose, CA)
Average Rent: $4,384
Median Household Income: $129,371
7. Camel Valley (San Diego, CA)
Average Rent: $3,988
Median Household Income: $126,841
8. Chestnut Hill (Boston, MA)
Average Rent: $4,070
Median Household Income: $120,993
9. Rockridge (Oakland, CA)
Average Rent: $4,670
Median Household Income: $120,236
10. Corona Del Mar (Orange County, CA)
Average Rent: $5,109
Median Household Income: $119,091
11. Highland Park (Dallas, TX)
Average Rent: $4,268
Median Household Income: $108,973
12. Bryn Mawr (Philadelphia, PA)
Average Rent: $2,889
Median Household Income: $104,337
13. Kirkland (Seattle, WA)
Average Rent: $2,793
Median Household Income: $103,962
14. Buckhead Heights (Atlanta, GA)
Average Rent: $2,307
Median Household Income: $100,662
15. Carey (Raleigh, NC)
Average Rent: $1,979
Median Household Income: $99,489
16. Lone Tree (Denver, CO)
Average Rent: $3,019
Median Household Income: $99,398
17. Chicago Loop (Chicago, IL)
Average Rent: $2,275
Median Household Income: $97,645
18. Rice Military (Houston, TX)
Average Rent: $2,858
Median Household Income: $97,546
19. Baldwin Park (Orlando, FL)
Average Rent: $2,553
Median Household Income: $95,292
20. Franklin (Nashville, TN)
Average Rent: $2,534
Median Household Income: $94,458
[h/t Business Insider]
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