Death and taxes aren’t the only things that are inevitable. For many people, there’s also rent. But just as it is with life expectancy and tax rates, not all people face the same prospects when it comes to paying rent.
For instance, renters in New York City’s TriBeCa neighborhood pay an average of $8,762 per month in rent for a single-family residence.
Phew! $8,762 per month. Let that sink in for a minute.
Sure, the median household annual income in TriBeCa is $204,822. But keep in mind that only 38% of residents are renters. If you’ve ever been to TriBeCa you know that many residents there live in lofts that can cost millions of dollars.
In other words, the rents are still awfully high in that neighborhood.
Coming in second place we have Corona Del Mar in Southern California, where rents average $5,109.
San Francisco’s Rincon Hill neighborhood comes in at #3 for rent-awfulness, with an average rent of $4,980 per month. In that neighborhood the median income is $151,879, and just 34% rent.
The Rockridge neighborhood in Oakland, California is #4, at $4,670 per month.
Grabbing the #5 spot is the Manhattan Beach area of Los Angeles. Renters there pay an average of $4,384 per month.
Perhaps we should just avoid trendy areas in New York and California? Not so fast.
It turns out that the Highland Park area of Dallas/Ft Worth is not too far behind, at $4,268.
Keep in mind that these high-rent areas are also high income. Also, there are cheaper places to live in the general vicinity of these neighborhoods.
The real lesson to draw from these eye-popping numbers is that you should always research local housing costs whenever you’re thinking of a move.
Sometimes, the “high wage” job offer you get in a distant city isn’t so lavish once you factor in that city’s ultra-high housing costs.