Top 25 US cities where rent is most expensive in 2024
Rent takes up a large percentage of the income of many Americans. With rates refusing to go down, here are the cities where rent is most expensive in 2024.
The lion’s share of the income of many Americans goes to paying rent for their home. In recent years, especially after the COVID-19 pandemic, the real estate market has been tight.
Last year, mortgages were falling and the volume of transactions was suffering after a year as significant as 2022. However, prices continue to rise, driven by a demand that is still higher than the dwindling supply.
With the cost of rent increasingly higher, it is important to know which regions of the country have the most affordable prices, as well as the most expensive areas to live. This way you have a broader picture when looking for a new home.
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As reported by the National Association of Realtors, rent showed a considerable increase during the first quarter of the year, and they foresee an upward trend for the remainder of 2024. According to an analysis carried out by GoBankingRates, the state that has suffered the greatest impact from the price increase is California. Currently, the average cost of rent is $1,226 nationally. However, in the Golden State, the average is double this amount.
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Top 25 US cities where rent is most expensive in 2024
Of the 25 cities in which rent is most expensive, California has 22 positions on the list. Below are the most unaffordable cities to rent in 2024, according to the analysis by GoBankingRates.
- San Jose, California: Average rent $2,792
- Contra Costa, California: Average rent $2,797
- Chino Hills, California: Average rent $2,835
- Thousand Oaks, California: Average rent $2,835
- Daly City, California: Average rent $2,847
- San Bruno, California: Average rent $2,867
- South San Francisco, California: Average rent $2,873
- Cambridge, Massachusetts: Average rent $2,913
- Mission Viejo, California: Average rent $2,915
- Aliso Viejo, California: Average rent $2,925
- Emeryville, California: Average rent $2,937
- Mountain View, California: Average rent $2,944
- Milpitas, California: Average rent $2,952
- Irvine, California: Average rent $2,959
- Sammamish, Washington: Average rent $2,972
- Santa Clara, California: Average rent $3,014
- Redwood City, California: Average rent $3,035
- Sunnyvale, California: Average rent $3,048
- Laguna Niguel, California: Average rent $3,094
- Dublin, California: Average rent $3,130
- Lake Forest, California: Average rent $3,140
- San Mateo, California: Average rent $3,178
- Newport Beach, California: Average rent $3,210
- Calabasas, California: Average rent $3,252
- Hoboken, New Jersey: Average rent $3,451