Balancing the economics of the housing market is a complex issue across the United States, with the average household spending one-third of its budget on housing costs. However, what often gets overlooked is the stark variation in average rent imposed by each state, and the economic and social forces at play which form the changing landscape of rentership in America. Here we highlight the regional disparities that underscore the diverse economic and societal factors at play.
Key findings from the data include:
Starting at the tip of the scale, the islands of Hawaii hold the title of being the most expensive state for renters with a shocking median rent of $2,036. This price might be partly justified by the stunning views, tropical climate, and easy access to stunning natural landscapes, but it is indeed a paramount cost for a household to manage.
Following Hawaii, the North Eastern coast of the United States paints a grim picture for renters' wallets. Massachusetts demands hefty rent payments with the median price pegged at $1,770. Not too far behind Massachusetts, we find another coastal state, California, with median rent at $1,677. Known for its tech-infused economy and start-up appeal, California's high rent is a reflection of the higher living standards and competitive job market.
Next on the list are New Jersey and Connecticut with median rents of $1,617 and $1,428 respectively, carrying on the trend of pricey Northeast coast rents. Maryland follows closely behind with a median rent of $1,391.
Even the smallest state in the U.S., Rhode Island, doesn't provide respite for renters, with median rent identified at $1,368. Moving our focus northward to Alaska, we see a median rent of $1,313, evidence that remote states also command substantial rent prices.
Rounding off our top 10, we have Colorado and New Hampshire with median rent prices of $1,304 and $1,286 respectively.
States with the Most Expensive Median Rent: