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This New England City Has Astronomical Rent Costs

The average amount that rent costs in New England may surprise you. But, what may surprise you even more is that one New England city has astronomical rent costs compared to other cities in America. The cost of both renting and owning a home has gone up substantially in the past decade, not just in New England but across America. Here's what the experts say. The New England City with Astronomical Rent Costs A recent study from the experts at the Joint Center for Housing Studies of Harvard University looked into how much rent costs across America. They discovered that in 2022, half of all people in the U.S. who were renting were cost burdened, meaning that more than 30% of their income went to housing. What's even crazier is that more than 12 million Americans were putting at least half of their paycheck, if not more, towards rent. All of this means that there are more homeless people in America. In fact, in 2023, homelessness rose to a new high in America. To be specific, an annual head count, conducted in January of 2023, discovered that the homeless population had increased by more than 70,000 people, or a whopping 12 percent. According to the study from Harvard University, rent costs vary a lot depending on your state. The state with the highest median rent is the paradise of Hawaii, where renters pay around $1,868 per month. In turn, the state with the lowest median rent cost is West Virginia, where renters pay around $831 per month. That's obviously a big difference. A different study, this one according to the Zumper National Rent Index, looked at prices for one-bedroom units in America. It found that the most expensive city to rent in is New York City at $4,200 per month in 2024. That's very high, but that's expected in New York City. No. 2 on the tally was Jersey City, New Jersey, at $3,330 per month. San Francisco was next at $2,950. So, which New England city has astronomical rent costs? You shouldn't be too surprised to learn it's Boston. According to the Zumper National Rent Index, the cost to live there is $2,830 per month. Those astronomical rent costs also make Boston the No. 4 most expensive city in which to rent in America. I was actually recently comparing rent and purchase costs for apartments and homes, and that's much higher than the numbers I saw in other areas of the country. Also, according to a recent Forbes.com article, the average cost of rent in Massachusetts is around $1,811 per month. So, if you're looking for a reasonable place to rent, Boston might not be your best bet. [select-listicle listicle_id="772767" syndication_name="simple-habits-of-millionaires-by-experts" description="no"]

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