Where Rent Was Highest in 2014

Renting was expensive nationwide, but in these 20 metros, the average monthly payment was through the roof.

Market Trends / story / By Catherine Sherman on 6 Jan 2015  

 

If you’re a renter in a hot real estate market, the last thing you want to think about is how much you’ve dropped on rent. And if you’re saving to buy a house, the last thing you want to hear is your parents’ not-so-gentle reminder that they were already homeowners at your age.
But the numbers don’t lie: Rents continue to outpace incomes. In fact, Zillow just released data showing U.S. renters spent a combined $441 billion on housing in 2014.
So what does that mean for you? If you rented a place last year, it means you paid a lot — but maybe not as much as you would have in some parts of the country.
To find out who spent the most in 2014, we looked at the 50 largest metros in the U.S. and compared the average amount renters paid per month. Perhaps surprisingly, the New York-Northern New Jersey metro didn’t top the list. San Jose was the highest, with renters paying on average $1,807 per month. Meanwhile, the 20th most expensive metro for renters was Minneapolis-St. Paul, where the average monthly payment in 2014 was $927.

For more info, go to: http://www.zillow.com/blog/where-rent-was-highest-in-2014-167250/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29