Cost Of Living Skyrockets In These Cities

It has now been learned that the cost of rent has surged and continuing to surge across the United States and it’s hurting Americans’ bank accounts badly.

According to Fox, real estate website Redfin analyzed which American cities have officially become too expensive for Americans to live in because of extreme rent increases from June 2021 to June 2022. 

While Manhattan still takes the cake for cities with the highest rent prices it has been learned that rent in places like Jersey City, New Jersey, has increased dramatically and it’s pushing Americans out of the area quickly.

In Jersey City the average price for rent went up from $3,308 in June 2021 to $5,500 in June 2022 that is a jaw-dropping rent increase of 66.25% in just one year.

What Rent researcher Jon Leckie explained, “Our migration data shows that renters have been leaving bigger, more expensive cities in search of lower housing costs, but generally they’re not going far. They’re saying let’s get out of the city center where rents are high, to someplace where I can get more space but not so far that I can’t go into the office a few times a week.” 

Here are the 10 highest rent increases compared to the year before:

1. Jersey City, New Jersey: $3,308 to $5,500 (66.25%)
2. Boston, Massachusetts: $4,164 to $4,878 (17.14%)
3. Palo Alto, California: $3,557 to $4,672 (31.34%)
4. Glendale, California: $3,280 to $4,472 (36.32%)
5. Santa Monica, California: $3,786 to $4,357 (15.07%)
6. Coral Gables: $3,007 to $4,310 (43.34%)
7. Hoboken, New Jersey: $3,511 to $4,264 (21.46%)
8. Redmond: $2,268 to $4,222 (86.11%)
9. San Diego, California: $3,339 to $4,202 ( 25.85%)
10. Newport Beach: $3,296 to $4,178 (26.79%)