Rental prices have surged in several American cities in recent years. Factors such as inflation, a limited housing inventory, a changing workforce, and barriers to homeownership have all contributed to the increase in rent costs.
This graphic shows the top 10 American cities with the highest rental costs as of May 2024, according to the Zumper National Rent Index. Prices are for 1-bedroom units.
New York tops the list with an average monthly cost of $4,200 for a one-bedroom apartment. Not only is it expensive, but due to high demand, living in the Big Apple can be competitive.
While half of all renters in the U.S. spend more than 30% of their income on rent, residents in New York can spend more than 40% of their income renting a place.
| Ranking | City | Price in 2024 | Price in 2023 | YOY change |
|---|---|---|---|---|
| 1 | New York, NY | $4,200 | $3,780 | 11.1% |
| 2 | Jersey City, NJ | $3,330 | $3,181 | 4.7% |
| 3 | San Francisco, CA | $2,950 | $3,001 | -1.7% |
| 4 | Boston, MA | $2,830 | $2,700 | 4.8% |
| 5 | Miami, FL | $2,770 | $2,900 | -4.5% |
| 6 | San Jose, CA | $2,570 | $2,630 | -2.3% |
| 7 | Arlington, VA | $2,380 | $2,299 | 3.5% |
| 8 | San Diego, CA | $2,370 | $2,401 | -1.3% |
| 9 | Washington, DC | $2,300 | $2,371 | -3.0% |
| 9 | Los Angeles, CA | $2,300 | $2,421 | -5.0% |
Across the Hudson River, Jersey City ranks second, with one-bedroom suites priced at $3,330.
On the West Coast, San Francisco leads with $2,950 for a one-bedroom unit. Four of the 10 most expensive cities to rent are in California.
According to a study by Harvard University, the pandemic has intensified the housing affordability crisis in the United States. While high-end market supply may offer some relief to middle and higher-income renters, lower-income households will continue to struggle due to high construction costs and market dynamics.
Individuals in the top 11 most expensive states in the U.S. need an annual income exceeding $100,000 to live comfortably.
This map shows how much income single adults need to live comfortably in each U.S. state. SmartAsset calculated the income needed using the cost of necessities sourced from the MIT Living Wage Calculator, last updated on Feb. 14, 2024.
In this case, “comfortable” was defined as the annual income required to cover a 50/30/20 budget, allocating 50% of earnings to necessities such as housing and utility costs, 30% to discretionary spending, and 20% to savings or investments.
Massachusetts Ranks First
Massachusetts is the most expensive state to live comfortably in. A single adult needs to make at least $116,022 annually or $55.78 per hour.
| 16 | Alaska | $96,762 |
| 17 | Vermont | $95,763 |
| 18 | Illinois | $95,098 |
| 19 | Delaware | $94,141 |
| 20 | Utah | $93,683 |
| 21 | Nevada | $93,434 |
| 22 | Florida | $93,309 |
| 23 | Maine | $91,686 |
| 24 | Pennsylvania | $91,312 |
| 25 | North Carolina | $89,690 |
| 26 | Minnesota | $89,232 |
| 27 | Idaho | $88,733 |
| 28 | South Carolina | $88,317 |
| 29 | Wyoming | $87,651 |
| 30 | Texas | $87,027 |
| 45 | Kentucky | $80,704 |
| 47 | North Dakota | $80,538 |
| 48 | Oklahoma | $80,413 |
| 49 | Arkansas | $79,456 |
| 50 | West Virginia | $78,790 |
West Virginia is the least expensive for a single adult, who only needs to make an estimated $37.88 per hour, or $78,790 annually.
To live comfortably on your own in the top five states, a person would need to earn nearly double the typical income for single earners, as the U.S. median income for single, full-time workers is around $60,000, according to Labor Bureau data.
