Wow! Jersey City, NJ Has the 2nd Highest Rent Prices in the U.S.
If you are considering a move and you don't want to break the bank on rent each month, I'd steer clear of one New Jersey town.
Let's face it, New Jersey isn't known for it's low-cost living.
Every time you turn around someone is complaining about New Jersey's high taxes or how expensive car insurance in the state is.
Well, you can add rent prices to the list of things residents will complain about in the Garden State, especially if you live in Jersey City.
New Jersey Digest is reporting that the northern New Jersey city is now commanding the second highest rent prices on average in the country. Ouch.
The only other city in America where the rent prices are higher are its neighbor, New York City. Did you know that a great deal of those living in the Big Apple spend 40% of their income on housing? Wow. That's a lot. In most states, residents spend about 30%. That's a big difference.
The article cites inflation, a shortage of housing options, changes in the workplace, and current road blocks for potential new homebuyers as the reasons why rent prices in Jersey City and surrounding areas have gone way up recently.
The typical rent for a one-bedroom apartment in Jersey City is $3,300 a month. Yikes.
San Francisco, California is 3rd on the list with an average monthly rent of $2,950.
Boston, Massachusetts is 4th with an average monthly rent of $2,830.
Rounding out the top 5 is Miami, Florida with an average monthly rent of $2,770.
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