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Three U.S. cities are on top of the list of most expensive in the world to rent an apartment. San Francisco, New York City and Boston cost the most to rent out of the 124 global cities assessed by online realtor Nested.
A family of four, according to Nested's 2017 Rental Affordability Index, must make $163k/year to afford to live in the minimal space recommended in San Francisco. With monthly rents averaging $4.50/SF, the city’s median price for a family rental is $4k/month. The average monthly rent for a single person in New York City reaches $2k.
Despite news last year that rents in notoriously expensive Boston had finally peaked, the cost of living hasn’t budged. While an increased supply of apartments continues to hit the market and decrease average rent, Nested still pegs the New England city as the third most expensive place to rent in the world. A single person must make at least $71k/year to afford the average $1,700/month for an apartment.
The historically pricey London tumbled out of the top 10 and is now the 12th costliest city, between Los Angeles and Miami.
The report cites the UK’s impending withdrawal from the European Union coupled with a weaker pound and strong dollar as cause for the British city’s lower cost ranking. Had the pound kept its pre-Brexit valuation, the team behind the report claims London would have ranked seventh on the list.
A family renting in Hong Kong, reported as the most expensive city outside of the U.S. (fourth overall), must make a combined income of $126k/year — nearly $40k less than what is required to get by in San Francisco. Detroit, the most affordable U.S. city researched in the study, has an average monthly rent of $500 for a single person.
5 Most Expensive Cities To Rent (By Median Single Person Rent/Month)
1. San Francisco: $2,077.96
2. New York City: $1,994
3. Boston: $1,721.14
4. Hong Kong: $1,607.81
5. Dubai: $1,481.87
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