Jersey City is now America’s most expensive city to live in
You’ve heard people complain about the notoriously high cost of living in New York and San Francisco. But guess what – there is another place in the United States where it is more expensive to live.
The title now goes to none other than Jersey City, located just across the Hudson River from Manhattan.
Yes. You heard it right.
Sometimes called New York’s invisible sixth borough, rent there now averages $5,500, according to a report by the registration portal, Rental.
To compare, last month the average rental price in Manhattan topped $5,000 for the first time in Big Apple history.
High rental rates in Jersey City may be justified by an increase in new luxury developments that have added to the city’s skyline, attracting tenants from across the Hudson.
“Rental prices have surged across the United States during the pandemic, spurred by a spike in inflation and a surge of tenants moving away from their urban offices as they settle into remote working” , said Jon Leckie, researcher at Rent, in the New York Times.
Leckie also explains how more and more renters have fled cities, like New York, and are opting for places like Jersey City – where there is more space, and as they feel more comfortable with longer but less frequent journeys. Remote work continues to be a driving factor in this scenario.
“They stay regional,” Leckie said, referring to tenants, at the outlet. “Jersey City is a proxy for New York in many ways.”
Across America, the most expensive areas include major cities, tech hubs, and luxury waterfront spots.
According to the report, behind Jersey City was Boston with an average rent of $4,878, followed by the city of Palo Alto, in Silicon Valley, California, which brings in an average of $4,672 per month.
Glendale, Calif., came in third at $4,472 per month and Santa Monica, Calif., at $4,357 per month. These Los Angeles areas were then followed by the Miami suburbs of Coral Gables, Florida at $4,310 per month, Hoboken, NJ at $4,264 per month, and the Seattle suburbs of Redmond, Washington at $4,222. $ per month.
Leckie expects price growth to flatten but remain above pre-pandemic levels as inflation continues to soar and inventories remain at historic lows.