While there are markets that pay more than others to workers, many of those same markets have greater living expenses – with the largest being rent. Once again I invoke the invoke the TINSTAANREM axiom — There Is No Such Thing As A National Real Estate Market. Nor is there such a thing as a typical market for renters.
To identify the areas with the highest rent, RENTCafé utilized data from Yardi Matrix which collects apartment rents in all 50 states. Data included:
- Every ZIP Code in the largest 125 U.S. market
- Actual rents charged in apartment buildings with 50 or more rental units totaling a population of 15 million apartment
- Average rent prices as of March 2017
So where were the most and least expensive apartment rental ZIP Codes in the U.S.? Note that eight of the top-10 most expensive apartment rent ZIP Codes were on Manhattan Island, New York City. Manhattan Island also accounted for 16 of the top-20 most expensive apartment ZIP Codes. Wichita, Kansas had four of the 10 least expensive rental markets across the country.
To read the entire study click https://www.rentcafe.com/blog/rental-market/real-estate-news/expensive-zip-codes-u-s/ The report includes the ability to click on each individual ZIP Code and see an actual map of the included market. Also included are available apartments in each respective ZIP Code plus demographics.
The most expensive apartment rental market in the U.S. at an average $5,924 per month is in ZIP Code 10282, the Battery Park area of Lower Manhattan Island with a median age of 33.11 years. The least expensive is ZIP Code 67213 in Wichita, Kansas at $407, with a median age of 31.53 years of age. The most expensive apartment rental market in the U.S. is a factor of 14.5 times greater than the least expensive.
For new college graduates, both the cost of living and comparative pay levels need consideration.