5 U.S. Cities’ Median Rents in 2022

2022 has seen one of many greatest will increase in house costs and hire within the historical past of the nation, with common hire monthly going over $2,000 for the first time ever. Whereas the price of hire isn’t the one issue to think about when in search of a brand new condominium, it’s positively one thing price fascinated about. With that being mentioned, learn on beneath to find out about a number of massive cities within the U.S. with excessive hire, after which a number of with decrease than traditional hire.

Manhattan, New York, NY

One of many U.S. cities that’s been affected by rising hire probably the most is New York Metropolis, particularly the borough of Manhattan. In June of this 12 months, Manhattan noticed its highest median hire of all time, with a staggering common of $5,058.

Manhattan has traditionally been the most costly place within the U.S., and these prices bleed into the opposite boroughs of New York Metropolis. Common prices for different-sized residences are presently $3,145 for a studio, $4,278 for a one-bedroom, $5,722 for a two-bedroom and $9,469 for a three-bedroom. 

Los Angeles, CA

As of August twenty ninth, the median hire for the town of Los Angeles was $3,200. This varies from neighborhood to neighborhood and throughout condominium sizes, however total, it makes L.A. one of the vital costly areas within the nation.

L.A.’s status as a hub for music and tv, in addition to being the placement of Hollywood and the middle of the American movie trade, has contributed to the excessive price of residing there. Hire isn’t the one issue that makes this metropolis so costly, nonetheless, and the excessive taxes and prices of meals and transportation are a burden as properly.

Chicago, IL

As one of many largest cities within the nation, naturally, Chicago would have increased than common median hire, proper? Properly, truly, this 12 months Chicago’s median hire is a number of hundred {dollars} decrease than the nationwide common. Chicago’s median hire as of this August is $1,795. A major issue on this decrease hire is the truth that Chicago is nearly as massive as New York Metropolis by way of sq. miles however is house to 1 / 4 of the inhabitants.

Memphis, TN

Whereas many cities within the U.S. noticed already-high hire go even increased, sure areas of the Southeast and Midwest stay way more inexpensive. One of many much less impacted areas is Memphis, Tennessee, which had a median hire of $1,056 as of July 2022.

Though the typical hire is decrease in Memphis, the typical earnings is decrease as properly. As of the 2020 census, the median family earnings in Memphis was $41,864, over $25,000 beneath the nationwide median of $67,521.

Tampa, FL

Don’t wish to be landlocked however nonetheless trying to transfer to a metropolis that’s extra inexpensive? The town of Tampa, Florida has a value of residing that’s 9 % beneath the U.S. common whereas nonetheless having the next median family earnings of over $50,000. Not solely is the price of residing low, however from wherever in Tampa, you’ll simply be half an hour away from the seashore!

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