A recent study conducted found that Jersey City, NJ, has the second-highest rent on average across the nation—being bested only by its close neighbor, New York City.
Rents have skyrocketed across the nation in several numerous American cities. Factors including inflation, housing shortages, shifts in the workforce, and obstacles to buying homes have all driven up rental prices.
New York City sits at the top of the list with an average monthly rent of $4,200 for a one-bedroom apartment, where tenants typically allocate over 40% of their income to housing. That’s nearly $1,000 higher than the next city on the list.
Jersey City ranks second with one-bedroom units averaging $3,330. San Francisco follows with $2,950. California cities make up four of the top ten most expensive places to rent.
The Highest Rents in US
The Zumper National Rent Index lists the top 10 cities with the highest rental costs as of May 2024:
- New York, NY – $4,200
- Jersey City, NJ – $3,330
- San Francisco, CA – $2,950
- Boston, MA – $2,830
- Miami, FL – $2,770
Most U.S. renters spend over 30 percent of their income on rent. The situation is more severe in the highest-ranked cities.
This data was determined by Voronoi, a platform that releases data-driven stories.
A Harvard University study notes the pandemic has worsened the housing affordability crisis. High construction costs and market dynamics continue to burden lower-income households, despite some relief for middle and higher-income renters.
About the Author/s
The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.
