Median rents have hit record highs across the country, helped by inflation and pandemic-related shortages of housing and building materials. In many parts of the country, people who choose to rent may find it difficult to live up to conventional wisdom to reign this monthly rent must not exceed 30% of his monthly income. While rent prices are much more affordable in some parts of the country, in the vast majority of states there is at least one city where rents are particularly high.
To find the city with the highest rent in each state, 24/7 Wall St. looked at five-year estimates of median gross rent among places with at least 1,000 people and fewer than 25,000 people in the survey. 2020 on the US Census Bureau’s American Community.
It is important to note that the numbers reflected here are for 2020, the most recent data available through the census. While prices are much higher in much of the country today, each state’s most expensive rental market in 2020 is likely still one of the most expensive markets in 2022. The national median rent in 2020 was of $1,096. In 48 of the 50 states, there is at least one city with a higher median gross rent in 2020.
Housing costs reflect the income levels of the population living there. Costs tend to be higher in wealthier communities. Of the 50 cities on this list, 42 have typical household incomes higher than typical statewide incomes, and 22 have a median household income of at least $100,000. The median US household income is $64,996. Scarsdale, New York, part of Westchester County, an affluent suburb of New York City, is one of the few communities with a 2020 median gross rent above $3,500. It has a median annual household income of nearly a quarter of a million dollars. It is the richest city in all the states.
Nationally, the 2020 median gross rent is 29.6% of the 2020 median household income. Due to higher incomes in the 30 cities on the list, the rent is actually relatively affordable. In Hurstborough, Kentucky, the median rent is just 14.8% of typical income. On the other hand, in some other places on this list, the higher incomes are not enough to match the higher rents. In Hanover, New Hampshire, and Lincolnshire, Illinois, gross rent is more than half income. These are the US cities where the most families need food stamps.
Click here to see the city with the highest rent, in each state.
Click here to read our detailed methodology.
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