Here Are America's 15 Most Expensive Rental Markets
Rental markets are hot—in some cases much too hot as the number of renters rose by 2 million over the past year. Meanwhile, the number of homeowning families fell by 400,000, pushing rents to levels at which nearly half the nation feels burdened by high rental costs. Here are the 15 most expensive rental markets in America.
Median income: $97.7k
Median rent: $3.3k
Percent of income on rent: 41.5%
San Jose is home to the booming Silicon Valley, which means high incomes, innovation and rent prices.
Median income: $83.1k
Median rent: $3.2k
Percent of income on rent: 46.7%
The colorful Bay area is known for its high prices, partially for its housing of many tech mavens.
Median income: $71.4k
Median rent: $2.7k
Percent of income on rent: 46.6%
Santa Cruz has become a hot spot for those in Silicon Valley who are looking for better beach access.
Median income: $74k
Median rent: $2.6k
Percent of income on rent: N/A
It's going to cost you if you want access to Napa's 400-plus wineries.
Median income: $61.4k
Median rent: $2.5k
Percent of income on rent: 48.9%
Living in the City of Angels will come at a devilish price tag—try about half your paycheck.
Median income: $76.6k
Median rent: $2.4k
Percent of income on rent: 39.1%
Paradise does not come cheap; luckily, the Honolulu housing market has been appreciating over the past few years despite the recession.
Median income: $65.1k
Median rent: $2.3k
Percent of income on rent: N/A
Santa Barbara's beautiful landscape and proximity to the beach has made prices soar, forcing a mass exodus of young renters.
Median income: $63.9k
Median rent: $2.3k
Percent of income on rent: 44.3%
Located right by Napa Valley, Sonoma County's Santa Rosa also sees high rental prices due to limited supply.
Median income: $68k
Median rent: $2.3k
Percent of income on rent: 41.3%
The Big Apple is notorious for its high rental prices—maybe because 99% of rentals are already occupied?
Median income: $63.3k
Median rent: $2.3k
Percent of income on rent: 43.7%
San Diego's perfect weather may have attributed to its expensive rental market.
Median income: $60.8k
Median rent: $2.2k
Percent of income on rent: 44%
This midway point between San Francisco and Los Angeles proves that California's Millennials are finding it difficult to purchase homes.
Median income: $77k
Median rent: $2.2k
Percent of income on rent: 34.4%
Historic Boston is also a difficult place to find vacancy, with the rate being a cringeworthy 3.5%.
Median income: $74.5k
Median rent: $2.2k
Percent of income on rent: 35.6%
More than 60% of Boulder County residents report being pushed out of their homes by earning too little against rising home prices.
Median income: $59.7k
Median rent: $2.1k
Percent of income on rent: 43.3%
Salinas residents also have the lowest income on the list, doubling the impact of burdened rental costs.
Median income: $94.2k
Median rent: $2.1k
Percent of income on rent: 26.8%
With the second-highest income on the list, those who live in our nation's capital also have the least expensive of the most expensive rents—if that makes any sense.
