Housing is usually one of the most expensive expenses many Americans have.
Rental costs in apartments and homes have risen almost everywhere in the United States. While prices have increased, some areas in the U.S. have some of the highest living costs out of the nation.
If you are curious about moving to one of these expensive areas, keep reading to find out the seven priciest places to rent in the United States.
When people think about the most expensive state to rent in the U.S., they automatically will either think of California or New York.
However, as of 2023, Hawaii is the most expensive state in the U.S. to rent.
The average cost of rent in Hawaii is $2,399. Compare this to California’s average rental cost of $1,844, which is the second most expensive state to rent in the U.S.
Here are the seven most expensive places to rent in the United States.
San Jose, California, has some of the highest rents in the United States.
The average renter will pay $3,199 a month on their rent. If you are looking to rent a home in San Jose, rent starts at $1,000/mo. and goes up to $9,000/mo. Apartment rentals start at $1,424/mo to $16,518/mo. You may want to live in a suburb of San Jose to find lower rent.
Hawaii is the most expensive state to rent in the United States.
The most expensive island in Hawaii is Honolulu. The average rent there is $2,528/mo. The rent can range from $553/mo. to $12,340/mo. if you are looking for an apartment. Home rentals have a similar range from $600/mo. to $25,000/mo.
There aren’t many other options in Hawaii, like living in a different area, but finding roommates can help lower your cost of living.
California has many cities that rank on the top list of most expensive areas to live in.
San Francisco is expensive for renters, with an average rent of $2,111/mo. A home rental can start at $1,100/mo. and go as high as $38,950/mo. Apartments may seem more affordable to rent, starting at $995/mo., but this is for a shared living space.
On the high end, an apartment can go for $45,000/mo.
Washington, D.C., is not only known as the nation’s capital. It is the third highest rental cost on average in the United States, with an average of $1,785. Most people who reside in Washington, D.C., are renters. In fact, 2/3 of the housing market is comprised of renters.
An apartment can start at $695/mo. and go up to $31,711/mo. Home rentals are more expensive, starting at $815/mo. Right now, the highest home rental price is $25,000/mo., which is cheaper than the most expensive apartment in the city.
Living outside of Washington, D.C., in Arlington, VA, can help you save on high rental costs.
New York may seem low on this list, and while rent is high in New York, there are affordable options.
However, affordable options are usually extremely small spaces that are barely long enough to sleep in. Rent for an apartment will start at $1,275/mo. and go up to $100,000/mo. for an apartment overlooking Central Park. Home rentals start at $2,366/mo and can go up to $83,000/mo.
Baltimore is another expensive city to rent in.
Overall, the state of Maryland is the fourth most expensive state to rent in, with an average rent in the state of $1,415/mo. In the city of Baltimore, you can find an apartment to rent for $400/mo. up to $30,000/mo.
Home rentals are a bit more affordable, as they can easily be split amongst friends. On the low end, a house rental is $500/mo. On the high end, a house rental can be $21,000/mo. However, the next most expensive house rental is $7,000/mo.
Massachusetts is another expensive state with an average rent of $1,336/mo.
The city of Boston is the most expensive city in the state. Home rentals can be as expensive as $70,000/mo. The starting rent for a home is $1,050/mo. An apartment can start at $695/mo. and go as up as high as $30,000/mo.
Living outside of the main Boston area can help reduce your rental costs.
Any major city will have a higher cost of living than a rural area.
Because of this, rent in cities like New York and San Francisco has become very expensive. Living outside of the cities or opting for a cheaper housing option can help combat these higher rental prices.
If you are considering moving to one of these high-rental cities, make sure you know how much the average rent is and if you can afford it.