Recently, we took a look at the zip codes with the most mortgage debt, which could conceivably be looked at as some of the most expensive places to live in the country.
But what about the most expensive ZIP codes to rent in?
Well, a new report from Yardi Matrix looks at the most expensive rents in more than 130 major U.S. rental markets.
Overall, 28 of the 50 ZIP codes with the highest rents are located in New York City. There are 12 located in the San Francisco Bay Area, six in Southern California and four in Boston.
ZIP code 10282 in Manhattan, New York is No. 1 for most expensive apartment rent, with the average price per month $6,211. This is the third year this ZIP code has been in the No. 1. RENTCafe says it is most likely due to the increase in demand after high-end restaurants and big-name luxury dealers have made that ZIP their home, too.
The ZIP Code with the smallest average rent? It’s in Wichita, Kansas, 67213, with $423 for average monthly rent.
With a whopping 12.4% increase year over year, New York City’s ZIP Code 10282 also boasts the most significant rent growth among the 50 priciest ZIPs. Other ZIP codes showing more than 10% rent increases are Downtown Manhattan’s 10006, a new entry in the list.
Only one of the 50 most expensive ZIP codes saw rents drop drastically compared to last year. Ironically, that ZIP code is also in Manhattan. Currently at $4,777 a month, the average rent in ZIP code 10065 declined by 6.1% year over year.
This year’s most notable moves on the list were East Harlem’s 10029 ZIP code, climbing 26 spots compared to last year, while ZIP code 10018 in Hell’s Kitchen fell 18 positions.
The most expensive ZIP codes by region were found in the Northeast and in California.