A subset of more affluent renters are forgoing the suburbs and paying premium prices to rent in urban centers
While many people rent because they have no other choice, such as individuals who are working to save for a down payment for a home or those who lost their house to foreclosure during the recession, there is actually a subset of mostly affluent renters who prefer renting to buying. These people are not interested in the suburban lifestyle and want the hustle and bustle of city living.
As Business Insider reports, HomeUnion, an online real-estate investment management firm created a list of the 20 most expensive neighborhoods and cities in the U.S. for those who prefer renting to buying.
Unsurprisingly, the two most expensive neighborhoods in the country are located in New York and San Francisco. Tribeca, New York took the top spot with an average rent of a whopping $8,762. With rents that high, it’s no wonder the median household income for the neighborhood is $204,822.
The Financial District/Rincon Hill, Calif. in San Francisco took the second spot on the list with an average rent of $4,980 and a median household income of $151,879. Newport-Jersey City, N.J. (average rent of $2,910), Herndon, Va., in Washington D.C. ($2,462), and Manhattan Beach, Calif., in Los Angeles ($6,323) round out the top five.
California has the most entries on the list with six, all of which are located within the top 10. Other areas in the top 20 include Bryn Mawr, Penn. (12), Cary, N.C. (15), Chicago Loop, Ill. (17), and Franklin Tenn. (20).
For the complete list, follow the link below.