The Bryan Ellis Investing Letter – In many cases, people who rent do so because they believe that renting a home will be more affordable for them than trying to buy one. Often this is true, even if homes are extremely affordable in your area, simply due to the fact that homeownership limits mobility and comes with financial responsibilities that are not included in your mortgage payment. However, in some cases, renting could break the bank, particularly in areas of the country where rents are more than four times the national cost of renting a one-bedroom apartment. Check out the top three most expensive neighborhoods for renters in the country and let us know if you would rather rent there, try to buy, or move on out.
3. San Francisco, Yerba Buena neighborhood
In Yerba Buena, the average one-bedroom costs $3,643 a month[1]. The neighborhood is, by its own description, located in “one of San Francisco’s most dynamic areas” with a “concentration of cultural institutions, cutting-edge retail, top-notch hotels, urban green space, world-class convention facilities, [and] fine dining.” The official neighborhood website also notes that the area is home to “residents of all income levels,” but we’re thinking that claim might be a bit of a stretch[2].
2. New York City, Down Under Manhattan Bridge Overpass (DUMBO) neighborhood
Want to live under the Manhattan Bridge? You’ll need an average of $4,023 a month in order to make that happen. DUMBO residents are willing to fork over more than half their overall income – and sometimes more – in order to reside in this hot location. DUMBO is located in the Brooklyn Borough and boasts spectacular views of the Manhattan skyline, the New York Harbor, and the Statue of Liberty. It is also home to some famous restaurants and “numerous other arty venues,” according to guidebooks[3].
1. New York City, Penn Plaza/Garment District neighborhood
If trendy is a non-negotiable requirement for you in your rental search, then be prepared to pony up nearly $4,500 if you would like to live in New York City’s Penn Plaza/Garment District, also known as the “fashion district” of the Big Apple. Residents in this area spend a higher percentage of their income on rent than do residents anywhere else in the country.
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Source: The Bryan Ellis Investing Letter
photo credit: Justin in SD via photopin cc
