Many renters give up on home buying because of the difficulty of saving up a down payment, which typically runs to no less than 10% of the home value (with exceptions). Fact is, renting doesn't come cheap either. Renting in expensive areas might even eat up one's budget, and foil any opportunity to save money. Business Insider staffer Raisa Bruner looks at a report by a real estate research site RentCafe and zeroes in on the most expensive neighborhoods for renters.
RentCafe notes in the study that only buildings with at least 50 rental units were considered, meaning that many zip codes with small-scale apartment rentals (as is common in cities like San Francisco and Los Angeles) would be excluded. Zip codes with a small rental inventory — defined as having fewer than 200 units currently on the market — were also excluded.
The top 10 most expensive zip codes in the U.S. are concentrated in New York City:
- 10036. Hell's Kitchen in Manhattan, N.Y.
- 10014. West Village in Manhattan, N.Y.
- 10282. Battery Park in Manhattan, N.Y.
- 10010. NoMad in Manhattan, N.Y.
- 10065. Lenox Hill in Manhattan, N.Y.
- 94920. Belvedere Tiburon, Calif.
- 10025. Upper West Side in Manhattan, N.Y.
- 10001. North Chelsea in Manhattan, N.Y.
- 10003. StuyTown in Manhattan, N.Y.
- 10002. Lower East Side in Manhattan, N.Y.