Often times people believe renting will be more affordable than the hassle and commitment of buying a home. This is especially true when it comes to housing markets where costs are extremely high and values are depreciating. As a result, several individuals experience bankruptcies and foreclosures are forced due to insufficient funds to cover mortgage payments. However, those insufficient funds occur not just on homeowners, but also on renters where some renting markets are four times the national cost of renting a one-bedroom apartment. According to the Bryan Ellis Investing Letter, the following renters markets represent the top three most expensive neighborhoods in the country.
3. San Francisco, Yerba Buena neighborhood
In Yerba Buena, the average one-bedroom costs $3,643 a month. After all, this neighborhood is located in one of San Francisco’s most dynamic areas, according to their neighborhood website. Also highlighting their location is “a concentration of cultural institutions, cutting-edge retail, top-notch hotels, urban green space, world-class convention facilities, fine dining, and residents of all income levels can’t be found anywhere else.”
2. New York City, Down Under Manhattan Bridge Overpass (DUMBO) neighborhood
The Manhattan Bridge costs an average of $4,023 a month as DUMBO residents continue to drain their bank accounts just to cover the costs of living in this exclusive location. In the heart of Brooklyn resides DUMBO, and with amazing views of the New York Harbor, Manhattan skyline and the Statue of Liberty, who wouldn’t want to go into debt renting in this location?
1. New York City, Penn Plaza/Garment District neighborhood
At a high monthly rent of $4,500 you can live in New York City’s Penn Plaza/Garment District. This is the “fashion district” of the Big Apple, where residents are paying a higher percentage of their income on rent than residents anywhere else in the country.
So, how much of your income do you justify on housing costs? Share with us on our Facebook or Twitter page!
photo credit: Christopher Chan via photopin cc
