Photo by chris robert on Unsplash.
According to the New York City government, one of the biggest challenges New Yorkers face is housing. High prices and limited inventory make it difficult for New Yorkers to find affordable housing.
As the summer months ramp up, Zumper analyzed active listings from the month of June to provide insightful findings from metro cities in the state of New York and neighboring states that could help New Yorkers understand the current market. With 69% of New Yorkers renting their home rather than owning, it is crucial to understand the current housing situation.
The data showed that the median rent in New York City for a one bedroom apartment stands at $2,438 for the month of June.
One bedroom apartments in the city can go as high as $4,300, making it the most expensive in the market.
Following behind was Hoboken, with rent at $3,580. In third place stood Jersey City with rent at $3,290.
The data found that the least expensive cities were Newark with rent at $1,580. East Orange with rent at $1,540 and the most affordable city was Kingston with rent at $1,440.
In addition, some cities are faster in growing their rents. For example, Long Beach had a 15% increase since this time last year. Behind, Union City rose by 14.9% and Middletown climbed by 13.3%.
