This Is the Most Expensive Rental Zip Code in the U.S. — And It's Not in New York or San FranciscoRents soared across the country in 2022, but certain zip codes reached new heights, with the No. 1 having an average rent of $24,000 for a two-bedroom apartment.
Thehousing marketwas especially ruthless in 2022 as rents across the country soared to record highs.
Cities likeNew Yorkand Miami saw fierce competition and subsequent skyrocketing costs to lock down a home or apartment. Although there have been signs of a slowing economy and falling housing prices, data shows that unfortunately — in certain places — rent is still at astronomical highs.
According toMoody Analytics, the U.S. is now "rent burdened" for the first time in the researcher's 20-plus-year tracking history — meaning that the national rent-to-income average reached 30%, up 1.5% from a year ago.
Related:Starter Homes Are Out Of Reach For Most Buyers — Except in These 4 Cities
"As the disparity between rent growth and income growth widens, American's wallets feel financial distress as wage growth trails rent growth," the company stated in the report.
Still, some housing markets arecooling. Housing prices in places like Phoenix, AZ and Las Vegas, NV beganslowing downlate last year, among others. However, some areas remain out of reach for would-be residents.
As for the most expensive zip codes to reside in, Fisher Island, FL came in at number one — by a long shot. The tiny island is located south of Miami Beach and is only accessible by boat, helicopter or ferry. Celebrities likeOprah Winfreyand other billionaires have called it home.
The average rent for a two-bedroom residence on Fisher Island reached $24,000 in 2022, according to data fromRentHop.Hampton Bays, NY came in second with an average rent of $12,500 for a two-bedroom home.
So for those looking to move in 2023, steer away from these 10 zip codes unless you have a flexible budget.
Related:这些都是Best and Worst Places To Move in 2023, According to an Economist
