Looking for a place to live where rent won’t drain your entire paycheck? Unfortunately, that place isn’t New York City–the nation’s most expensive rental market, where one bedroom apartments reach a staggering $4,380.
But if you’re willing to look just beyond the city, there are still nearby spots where your rent won’t eat up every dollar–meaning you might actually have some cash left over each month.
According to the latest report from Zumper, which analyzed active listings across the New York metro area, NYC still ranks as the priciest place to rent. However, several surrounding cities are seeing significant price drops, with some rents falling by as much as 15.8% year-over-year–offering a rare bit of relief for renters priced out of the city.
It’s Official: NYC Is Still The Most Expensive City For Renters
After crunching the numbers, Zumper found New York City to have a median rent price of $2,427. Sound bad? Well, it unfortunately gets worse.
While the median rent price is nearly $2.5K, rent for a one bedroom apartment can climb much higher–$1,953 higher, to be exact.
According to the report, a one bedroom apartment in New York City can cost as much as $4,380. Quite the price to pay for what’s likely the size of a shoebox. We unfortunately all know the struggle.
Surprisingly–or maybe not a surprise at all–that’s even after a 2% year-over-year decline.
The “Jersey Discount”: How Much You’ll Actually Save Across The Hudson
It’s better over in parts of Jersey, but not by much depending where you look.
A one bedroom in Hoboken, for example, can cost as much as $3,620, just $760 less than New York. Over in Jersey City, you’d have to hand over $3,190 to your landlord for the same.
Prices don’t drop below the median rent until you reach West New York, ranked as the seventh most expensive city on the list, with prices for one bedrooms costing renters $2,400. Still, West New York had the largest annual rent price decline, falling 15.8%.
The 3 Most Affordable Cities Near NYC With Rent Under $1,700
To find the most affordable one bedrooms, you’d have to kiss NYC goodbye and settle down just about an hour away in Bridgeport, CT. Here, rents dipped 9% year-over-year, with one bedrooms priced at $1,520.
For the median NYC household income of $79,713, that means you’d be spending approximately 22.88% of your gross annual salary on rent.
East Orange, NJ, about 30 minutes from NYC, ranked as the second least expensive with rent priced at $1,600. Though rent did jump year-over-year, but only by 0.6%.
Rents in Paterson, NJ, about 45 minutes from NYC, decreased 8.9% year-over-year, with rent for a one bedroom priced at $1,630.
Why We’re Still Staying In NYC (Despite The Rent)
As much as New Yorkers love to complain about sky high rent, actually leaving the city is a whole different story. After all, New York City was just ranked the second best city in the world, the happiest in the U.S. (yes, really), and the top global destination for nightlife.
And let’s be honest–giving up iconic slices and bagels is no easy feat. For many, that alone is reason enough to stay put.
Curious how the rest of the region stacks up? Check out the full report.
