12 Major Cities Where You'll Pay More Than $25K Annually for 2-Bedroom Rentals
It’s not easy to find affordable family-size rentals in the United States if you reside in a major metropolitan city. A recent Zillow study revealed that, due to nationwide housing shortages, families are more likely to be rent burdened as they pay higher costs for more room and space.
Out of the 50 major cities identified in the study, 12 emerged as the most expensive for renting a two-bedroom. Renters in these cities shell out more than $25,000 annually. While this list features cities known for a high cost-of-living, like Boston and San Francisco, some locales like Providence, Rhode Island received surprising inclusions.
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Keep reading to find out which major cities are the most expensive for renting two-bedroom rentals.
1. Miami
Share of family households that rent: 41.7%
Share of renter families that are rent burdened: 67%
Median family household income: $100,000
Median annual list rent for two bedrooms: $31,200
Share of rentals with two bedrooms: 37.6%
2. Riverside, California
Share of family households that rent: 38.1%
Share of renter families that are rent burdened: 60.8%
Median family household income: $102,000
Median annual list rent for two bedrooms: $28,800
Share of rentals with two bedrooms: 40.2%
3. San Diego
Share of family households that rent: 44.5%
Share of renter families that are rent burdened: 60.1%
Median family household income: $135,000
Median annual list rent for two bedrooms: $37,740
Share of rentals with two bedrooms: 39.5%
4. Los Angeles
Share of family households that rent: 50.9%
Share of renter families that are rent burdened: 60.1%
Median family household income: $117,500
Median annual list rent for two bedrooms: $36,612
Share of rentals with two bedrooms: 33.5%
5. Chicago
Share of family households that rent: 26.9%
Share of renter families that are rent burdened: 56.4%
Median family household income: $120,631
Median annual list rent for two bedrooms: $25,800
Share of rentals with two bedrooms: 36.1%
6. Boston
Share of family households that rent: 30.2%
Share of renter families that are rent burdened: 56.3%
Median family household income: $170,000
Median annual list rent for two bedrooms: $38,340
Share of rentals with two bedrooms: 34.3%
7. Providence, Rhode Island
Share of family households that rent: 33.5%
Share of renter families that are rent burdened: 55.7%
Median family household income: $114,000
Median annual list rent for two bedrooms: $26,220
Share of rentals with two bedrooms: 39.8%
8. Seattle
Share of family households that rent: 31.7%
Share of renter families that are rent burdened: 54.4%
Median family household income: $165,000
Median annual list rent for two bedrooms: $27,600
Share of rentals with two bedrooms: 30.7%
9. New York
Share of family households that rent: 66.7%
Share of renter families that are rent burdened: 53.4%
Median family household income: $88,937
Median annual list rent for two bedrooms: $57,000
Share of rentals with two bedrooms: 30.8%
10. Washington
Share of family households that rent: 28.7%
Share of renter families that are rent burdened: 51.7%
Median family household income: $165,000
Median annual list rent for two bedrooms: $30,000
Share of rentals with two bedrooms: 34%
11. San Francisco
Share of family households that rent: 37%
Share of renter families that are rent burdened: 49.9%
Median family household income: $200,000
Median annual list rent for two bedrooms: $38,400
Share of rentals with two bedrooms: 35.3%
12. San Jose, California
Share of family households that rent: 41.7%
Share of renter families that are rent burdened: 42.5%
Median family household income: $235,409
Median annual list rent for two bedrooms: $47,136
Share of rentals with two bedrooms: 38.6%
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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