Find Out If You Live in One of the Worst Cities for Renters
Want to know which US cities are hardest to make it in? We know New York City’s slogan is “if you can make it here, you can make it anywhere,” but we found out from Forbes there are three cities where finding an affordable place to rent is even tougher than in The Big Apple. NYC might carry the highest rents on this list, but price isn’t the only factor. There are vacancy rates, income and annual rent increase to consider. Read on to find out if you live in the of the 10 worst cities to rent in around the country.
10. Palm Beach, FL: The average monthly rent in this beach side town is $1,321, with an apartment vacancy of 5.8%. The thing you really need to worry about here is how fast the rent is going up. An 8.2% annual increase is what you can expect to see in your future.
9. Orange County, CA: Yes, the entire Southern California county is rising in the ranks as one of the most difficult places to find a rental. The average monthly rent is $1,722 and makes up 27% of total house hold incomes. Combine that with a 3.1% vacancy rate, and you may have a hard time finding a place to stay.
8. Boston, MA: We don’t think it’s a coincidence that the cities so far have been costal. In Boston, you might not get that great beach weather, but you do get a whole bunch of culture, history and opportunity. This city has 4% vacancy rate, and the rent ups 5.1% annually.
7. Northern New Jersey: Turns out it’s pretty hard to find a rental in The Garden State too. The good news is that prices aren’t going up very fast — only .7% annually. The median rent is $1,878 and will take up 31% of your income.
6. San Diego, CA: You can blame the always-perfect weather for this one. San Diego is not even close to being one of the most expensive places to reside. The rent averages out to $1,548, but it will take up about 30% of the average renter’s income. Rental rates are at 6% and rising. We think San Diego is worth a shot — just make sure you’ve got a good job.
5. Los Angeles, CA: This major city rounds out the Southern California segment of the worst places to rent. The bummer about LA is how much of your income you spend on rent — 39%. Vacancy rates are as low as 3.3% and the average renter pays $1,785.
4. Manhattan, NY: New York City is pretty high on the list, but to be honest, we expected it to be higher. And when you look at their rental rates, you’ll see why. The average New Yorker spends 53% of their income on rent and pays an average of $3,290 per month… per month.
3. San Jose, CA: And just like that, we’re back to The Golden State. San Jose has an average monthly rent of $2,291, with prices increasing by 11% a year. The good news: Rent will only make up 29% of your income thanks to those high-paying Silicon Valley jobs.
2. Oakland, CA: We’re starting to notice the worst part about being a Northern California resident is how much you can expect your rent to spike over the next few years. Oakland’s rent increases 10.5% annually. The current average rate is $1,815, making up 28% of renters’ income.
1. San Francisco, CA: We left our hearts in SF… and also, our paychecks. Renters here pay an average of $2,802, and that’s 40% of their income. Not only that, but it’s on the rise by 12.8% annually. Maybe consider a roommate for next year?
Did you find your city on the list? Are any of these places your dream location?