A report from RentHop shows that with interest rates hitting two-decade highs, many Americans who dream of owning a home were forced to rent, with many cities including Miami and New York, reporting sky-high rents since the pandemic.
In this year’s report, the RentHop team mined more than 1.9 million rental listings advertised in 2023 to determine the top 100 rental ZIP codes in the United States.
Among the results of the study, it was found that:
· 33109 in Fisher Island, FL is once again the most expensive ZIP code for rent in the US. The median rent for a two-bedroom is $20,000.$4,000 less than last reported.
· The top 100 ZIP codes are concentrated in just seven states, 42 of them in New York, one more than last year, and 30 in California. Florida controls 15 of the ZIP codes, three fewer than in 2022.
· New York City remains the most expensive city and is home to 39 of the top 100 cities, one more than last year. Housing in the city’s major ZIP codes became even more expensive, with two-bedroom rents increasing 3.6% in ZIP code 10007 (TriBeCa) and 4.5% in ZIP code 10001 (Chelsea).
· 15 of the most expensive zip codes are located in Los Angeles and its neighboring cities. 90402 in Santa Monica is the eighth most expensive location, with a two-bedroom median rent of $8,500. It was the 18th most expensive selling ZIP code in the country.
Five of the major ZIP codes are located in Bostonincluidos 02110 (Downtown Waterfront), 02210 (South Boston Waterfront) y 02116 (Back Bay).
The 10 Most Expensive ZIP Codes to Rent in the US
RentHop reports that major ZIP codes are more concentrated than a year ago in just seven states. 42 of the ZIP codes are in New York State, 30 in California and 15 in Florida. Boston is home to five of the major ZIP codes in Massachusetts. Colorado and Connecticut each claim three of the ZIP codes.
New York is the most expensive city to rent:
Although it finally shows signs of cooling, Manhattan remains the least affordable borough in New York City, with 30 of the 39 most expensive zip codes. This summer, major zip codes became even more expensive after a red-hot rental season.
ZIP code 10007 in TriBeCa dethroned ZIP code 10282 and became the most expensive ZIP code in the city, with the median two-bedroom rent reaching $8,700 and the median one-bedroom rent hitting $6,000 a month.
Meanwhile, renting in Brooklyn has become more expensive as renters focus on more affordable outer districts.
To view the report and its methodology, enter here.
Keep reading:
· Real estate market myths that affect buyers and sellers in the US today.
· US mortgage rates continue to fall, but not enough for buyers
· Places homebuyers are moving to in the US.
2023-11-29 15:08:23
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