Trio Apartments in Pasadena (Photo – Jonathan Edewards).
Two of the most expensive neighborhoods for renters happened to be in Southern California.
The website apartments.com revealed 14 of the most expensive neighborhoods for renters. Newport Beach came in at #9 and Pasadena (Southwest Pasadena to be precise) came in at #13.
Here’s the full list:
- New York City: Penn Plaza / Garment District – $4,440
- New York City: DUMBO (Down Under the Manhattan Bridge Overpass) – $4,023
- San Francisco: Yerba Buena – $3,643
- Boston: Government Center – $3,782
- Oakland/Emeryville, CA: Golden Gate – $2,695
- Palo Alto, CA: Crescent Park – $3,157
- Great Neck, NY (Nassau County): Great Neck Plaza – $3,223
- Jersey City, NJ: Historic Downtown – $3,068
- Newport Beach, CA: Newport Center – $3,133
- San Diego, CA: Harborview – $2,206
- Queens, NY: Hunters Point – $2,811
- Washington DC: Foggy Bottom / GWU / West End – $2,662
- Pasadena, CA: Southwest Pasadena – $2,957
- Philadelphia: Rittenhouse Square – $1,860
The cheapest area for a one-bedroom apartment in L.A. happened to be in the 90008 zip code, with the average rent of $925 per month.
This is how the study was conducted based on the site’s research methodology:
Apartments.com created its 14 Most Expensive Neighborhoods for Renters in 2014 list based on the average monthly cost of rent for a one-bedroom apartment (source: CoStar, August 2014) in every submarket (neighborhood) of the 20 urban areas with the highest cost of living (source: census.gov). Median monthly household income (source: census.gov), and inflation [indicated by the percentage change in the Consumer Price Index for All Items from the first half of 2013 to the first half of 2014 (source: bls.gov)] were then evaluated against the single neighborhood with the highest average monthly rent, in each of the 20 urban areas with highest cost of living. Neighborhoods with low qualifying rental inventory and/or a median annual household income lower than the national average ($53,046, source: census.gov) were eliminated. The most weight was given to neighborhoods where a high percentage of monthly household income was spent on monthly rent. In addition, weight was given to high average monthly cost of rent for a one bedroom apartment, high median household income, high cost of living in the urban area, and inflation (based on the CPI percentage change).
Montana-Westernasset in Pasadena (Photo – Jonathan Edewards).
Although this study may indicate that some renters will drop more than half of their monthly income on rent just to live in a prime spot, we believe you can still find some great deals in Pasadena’s most desirable neighborhoods, if you look hard, armed with a touch of strong determination and a bit of luck.
If you find one, you have to compete with 1000+ other people to actually get the place. And good luck even trying to get a phone call returned. We’ve been calling and emailing on a place that fits our budget all week and no reply.
yes, but it’s hard and random…
Do not delude yourself, affordable rents no longer exists in Pasadena.
If you are renting in Pasadena, maybe it is time to buy.
Kind of agree. Lol
Pasadenan’s who grew up here, went to school here, often tell me they’d like to come back home but can’t afford it.
Yeah thank god I own
@boi
Especially at that building! Rents go up each year. I used to work there.
Insert laugh track here! There is no such thing as affordable middle income housing here. If your poor, you get some kind of subsidy. If your rich, the sky’s the limit.
Sounds about right.
I think it is extremely difficult for moderate-income, low-income and very-low income residents to find affordable housing in Pasadena.
Yep! Mine is great!
Our rent just went up 30%..