Updated: Jan 9
Cost of living plays a pivotal role in demand for apartments. Tenants take the cost of living as a main factor when deciding where to live and how much to pay for rent. As someone who owns multiple apartment buildings across the U.S., it’s crucial to understand where the desirable cities to live are: those with access to jobs and entertainment, but also affordable living options.
I always try to focus on the more affordable yet popular cities. I’m not saying that buying real estate in expensive cities is a bad investment strategy; but rather highlighting those markets, because rents there tend to be higher than affordable markets. This ranking is based on the disparity created between average rental rates and average monthly income.
Here are the top 10 most expensive cities in the US:
10. Seattle, WA
Average 1 BR Rent: $2,049
Average Household Income: $85,936
9. Washington, DC
Average 1 BR Rent: $2,347
Average Household Income: $82,192
8. Boston, MA
Average 1 BR Rent: $2,150
Average Household Income: $66,758
7. San Jose, CA