There’s an age-old debate about whether it’s better to rent or buy when it comes to housing. Both sides of the discussion have their pros and cons, and often the correct answer is a personal decision. Part of the problem is that it’s hard to know exactly how expensive it is to rent in certain markets. To help fill this information void, GOBankingRates surveyed rental rates for single-family residences across the largest housing markets in the U.S. and listed the most expensive ZIP codes for renters in each city. For purposes of the study, some cities had as few as two expensive ZIP codes listed, while others had as many as five.
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The most expensive ZIP codes for renters may seem easy to identify, but the actual list is full of surprises. For example, the average rent in the most expensive ZIP code in New York City, 10014, is just $4,076. Yes, this is certainly a lot, but with New York’s reputation for high real estate costs, this number seems surprisingly manageable. In fact, rents in the 94611 ZIP code in Oakland, California, run $4,710 per month, nearly 15% higher than the top rent in New York’s priciest ZIP code.
Another interesting result of the study is that the definition of “high” rent varies wildly from city to city. For example, the most expensive ZIP code in Detroit costs renters just $870 per month — the lowest rate in any city in the study. Compare this with the most expensive ZIP code in the entire U.S., 90049, which comes in at a whopping $10,680 per month — and that’s just the average rent. The point is that “expensive” can really be quite a regional designation, and if one area seems too pricey for you, there might be one reasonably nearby that you may consider affordable.
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Overall, the average monthly rent in America’s priciest ZIP codes comes in at $1,644. To determine how much rent you can reasonably afford, start by building a realistic budget to help prevent you from reaching for a ZIP code that would strain your finances.
With that in mind, here’s a look at America’s most expensive ZIP codes for renters, listed alphabetically by city.
Last updated: April 13, 2021
