The answer, as in any question, will vary depending on what is actually being asked!
When it comes to the question of the exorbitant cost of renting an apartment, New York City would certainly come to mind in any conversation concerning where housing costs are going to be the most expensive.
For example, each week I receive an email from Curbed New York that picks an arbitrary amount of money available to spend on rent and shows apartments in various New York City neighborhoods that are available in that price range. Suffice it to say that to be in the more desirable sections of Manhattan the cost is going to be extremely high!
But the question that is being asked in this case is where the cost of a starter apartment is going to be highest across the United States?
The answer, Williston, North Dakota, certainly comes as a surprise! Here is the rationale:
‘Welcome to Williston, North Dakota, where the oil industry has caused the population to more than double in the past five years. And, according to Apartment Guide data, you’ll pay more to live in a small apartment here than you would anywhere else in the country. A 700-square-foot, one-bedroom, one-bath apartment in Williston easily can cost more than $2,000 per month.‘ (Source)
It’s certainly a case where the laws of supply and demand superseded the classic real estate mantra of location, location, location.
Here’s the list of the Top 10 cities across the United States with the most expensive entry-level apartments:
1. Williston, ND ($2,394)
2. San Jose-Sunnyvale-Santa Clara, CA ($1,881)
3. San Francisco-Oakland-Fremont, CA ($1,776)
4. Dickinson, ND ($1,733)
5. Key West, FL ($1,640)
6. Boston-Cambridge-Quincy, MA-NH ($1,537)
7. New York-Northern New Jersey-Long Island, NY-NJ-PA ($1,504)
8. Los Angeles-Long Beach-Santa Ana, CA ($1,411)
9. Oxnard-Thousand Oaks-Ventura, CA ($1,387)
10. Santa Barbara-Santa Maria-Goleta, CA ($1,346)
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