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Would you be willing to pay nearly $5,000 per month in rent? If not, don't plan on raising your family in North Miami Beach, Fla. You might want to stay away from some Southern California cities as well, such as La Jolla, Santa Monica and Newport Beach.
These are some of the most expensive cities in the U.S. for renters looking for a three-bedroom house. In more affordable parts of the country, a three-bedroom home generally is considered standard for a family. But in some of these affluent cities, a three-bedroom house is a privilege the average renter can't afford.
In North Miami Beach, the median rent for a three-bedroom, single-family home is $4,489, according to Rent Range, which compiles and analyzes rental market data nationwide.
The company provided Bankrate with a list of the top 10 most expensive rental markets for a three-bedroom, single-family houses:
Top 10 most expensive rental markets
North Miami Beach, Fla.: $4,489
La Jolla, Calif.: $3,922
Santa Monica, Calif.: $3,658
Newport Beach, Calif.: $3,550
Dana Point, Calif.: $3,446
Miami Beach, Fla.: $3,421
New York, N.Y.: $3,247
Rancho Palos Verdes, Calif.: $3,240
Bethesda, Md.: $3,225
Sherman Oaks, Calif.: $3,089
San Francisco, which normally tops the list of most expensive cities to rent in, ranks 16th on the list of three-bedrooms, says Wally Charnoff, chief executive officer of Rent Range. For one-bedroom homes, San Francisco ranks as the most expensive city, followed by New York, he says.
Why are these cities so expensive? As usual, when it comes to real estate, it's all about location.
"They have geographic appeal, more economic stability, and they attract wealthier people," he says.
Regardless of location, if you think you're paying too much for rent, maybe it's time to consider taking advantage of today's low mortgage rates and attractive home prices. This Bankrate quiz can help you decide whether you should rent or buy.
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THAT'S NICE BUT WHERE IS THE FIRST ONE I SENT?
I'M GOING OUT , BUT DON'T WORRY I'LL BE BACK "SOOOON"
DID YOU KNOW?, THAT I KNOW, THAT IF I GO OUT, AND COME BACK IN AGAIN, THAT MY BLOGS WILL DISAPPEAR!
THAT'S RIGHT , I WENT OUT AND CAME BACK IN AND STILL DON'T SEE WHAT I SAID, AND NOW IT'S BEE ANOTHER 5 MINUTES. OH BY THE WAY, WHY DON'T YOU PUT THE PRICE TAG RIGHT UP FRONT, SO PEOPLE CAN SEE HOW MUCH THEY ARE GOING TO GET RIPPED FOR?
SO NOW THAT WE KNOW THAT I SAID IT BEFORE, "WHEN CAN WE SEE IT", IT HAS ALREADY BEEN 30 MINUTES AND I STILL DON'T SEE IT
North Miami Beach? You have got to be kidding. You have it confused with Aventura, Florida. NMB is full of Orthodox Jews and Haitian Immigrants....hardly top shelf and there are plenty of places to rents that are under $1400 for 3 bedrooms The Aventura Luxury Hi-Rises is another story. Same goes for Miami Beach. Their markets are mostly rich Northeasterners looking for a Winter retreat, rich South Americans, looking to shelter their money in real estate outside of Venezuela, Brasil, Colombia, and Argentina and rich Basketball and Football athletes looking to show off their bling to the surgically enhanced beauties here who are looking to part the wealthy of their money, whether earned legally or not.
Minneapolis is also expensive considering how small the homes are as well
Landlords know they can gouge people on rent prices. Rent goes up every year. And it is not much cheaper to own no matter what some may say. A 150k house can easily end up costing you tens of thousands of dollars in up keep within as little as a few years of owning depending where you live.
Seattle is another bad place for renters. People living there on modest incomes have been sharing 2 bedroom apartments among four people for some time now.
Denver,CO should be added to that list. although we don't pay quite that much, the rent here is crazy compared to the rate of pay employers offer