Rents across the country have gone through a period of historical growth in the past two years. According to real estate research firm CoStar Group, rents in the U.S. rose 11.3% last year. In contrast, over the previous five years, gross rents increased by 18.1%.
Rising rent prices are the result of soaring inflation and a squeeze on inventory. This lack of supply relative to demand comes as the number of people seeking to rent has increased substantially during the pandemic, while the number of available properties has been limited by shortages of building materials and other delays in construction resulting from the pandemic. This is the industry laying off the most Americans.
To determine the 50 ZIP codes with the highest rent, 24/7 Wall St. reviewed five-year estimates of median gross rent from the U.S. Census Bureau’s 2020 American Community Survey. The median gross rent across the United States is $1,096, and in these 50 ZIP codes, rents range from $2,834 to more than $3,500.
California alone is the home state of more than half the 50 ZIP codes with the most expensive rent. Included are some of the highly affluent communities of Silicon Valley, such as Cupertino, Los Altos, and Palo Alto, as well as the most expensive parts of Los Angeles, San Jose, and San Francisco. New York state has the next largest share of expensive ZIP codes, with 10. Most of these are part of New York City, especially lower Manhattan. Massachusetts is third, with five ZIP codes. These are the states with the highest rent.
In the majority of the ZIP codes where rent costs are higher, a higher share of housing units are occupied by renters, rather than homeowners. Nationwide, 35.6% of homes are rental properties. In 20 of the ZIP codes on this list, that share is at least 60%. Part of the reason is that many of these places are highly urban areas, such as lower Manhattan, where most residents live in multi-story buildings, rather than single-family homes.
In other expensive ZIP codes, property is so expensive that most residents are priced out of owning, and thereby are forced to rent. Nationwide, the median home value is $229,800. In the majority of the most expensive ZIP codes to rent, the typical home is worth at least $1 million, and in eight, over $2 million.
While rents in these markets are much higher than the national figure, renting property is actually in many places relatively affordable after accounting for the typical resident’s income. In roughly two-thirds of the ZIP codes on this list, median gross rent accounts for less than 29.6% of the median household income – the national figure of rent as a share of income. In the 10282 ZIP code in Manhattan, which has the eighth highest median gross rent of any ZIP code in the country, that figure amounts to just 14.7% of the typical household income of roughly $250,000 per year. These are the richest cities in America.
Click here to see the zip codes with the highest rent
Click here to read our detailed methodology
50. 94030
> Location: Millbrae, California
> Median monthly rental cost: $2,834
> Share of income typically spent on rent: 30.5% — 4,547th highest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 36.8% — 4,718th highest of 12,186 ZIP codes
> Median home value: $1,528,900 — 64th highest of 12,109 ZIP codes
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49. 90275
> Location: Rancho Palos Verdes, California
> Median monthly rental cost: $2,841
> Share of income typically spent on rent: 33.8% — 2,086th highest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 22.4% — 2,440th lowest of 12,186 ZIP codes
> Median home value: $1,208,200 — 129th highest of 12,109 ZIP codes
48. 95054
> Location: Santa Clara, California
> Median monthly rental cost: $2,852
> Share of income typically spent on rent: 25.2% — 2,317th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 56.4% — 1,466th highest of 12,186 ZIP codes
> Median home value: $1,081,800 — 184th highest of 12,109 ZIP codes
47. 94403
> Location: San Mateo, California
> Median monthly rental cost: $2,855
> Share of income typically spent on rent: 28.8% — 5,807th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 47.8% — 2,477th highest of 12,186 ZIP codes
> Median home value: $1,375,300 — 90th highest of 12,109 ZIP codes
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46. 96734
> Location: Kailua (Honolulu County), Hawaii
> Median monthly rental cost: $2,855
> Share of income typically spent on rent: 39.0% — 559th highest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 37.3% — 4,598th highest of 12,186 ZIP codes
> Median home value: $1,001,200 — 225th highest of 12,109 ZIP codes
45. 92603
> Location: Irvine, California
> Median monthly rental cost: $2,857
> Share of income typically spent on rent: 23.8% — 1,285th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 39.9% — 3,951st highest of 12,186 ZIP codes
> Median home value: $1,356,900 — 91st highest of 12,109 ZIP codes
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44. 22213
> Location: Arlington, Virginia
> Median monthly rental cost: $2,860
> Share of income typically spent on rent: 27.7% — 4,537th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 37.2% — 4,610th highest of 12,186 ZIP codes
> Median home value: $843,300 — 402nd highest of 12,109 ZIP codes
43. 96818
> Location: Urban Honolulu, Hawaii
> Median monthly rental cost: $2,899
> Share of income typically spent on rent: 44.2% — 157th highest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 64.5% — 852nd highest of 12,186 ZIP codes
> Median home value: $568,200 — 1,070th highest of 12,109 ZIP codes
42. 95134
> Location: San Jose, California
> Median monthly rental cost: $2,919
> Share of income typically spent on rent: 22.9% — 811th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 86.0% — 208th highest of 12,186 ZIP codes
> Median home value: $370,400 — 2,383rd highest of 12,109 ZIP codes
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41. 07310
> Location: Jersey City, New Jersey
> Median monthly rental cost: $2,945
> Share of income typically spent on rent: 24.6% — 1,849th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 87.5% — 182nd highest of 12,186 ZIP codes
> Median home value: $739,500 — 564th highest of 12,109 ZIP codes
40. 94506
> Location: Danville, California
> Median monthly rental cost: $2,978
> Share of income typically spent on rent: 29.5% — 5,471st highest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 10.9% — 166th lowest of 12,186 ZIP codes
> Median home value: $1,288,600 — 111th highest of 12,109 ZIP codes
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39. 95135
> Location: San Jose, California
> Median monthly rental cost: $3,012
> Share of income typically spent on rent: 32.6% — 2,868th highest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 13.0% — 356th lowest of 12,186 ZIP codes
> Median home value: $1,091,200 — 178th highest of 12,109 ZIP codes
38. 90292
> Location: Los Angeles, California
> Median monthly rental cost: $3,037
> Share of income typically spent on rent: 30.6% — 4,461st highest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 71.1% — 562nd highest of 12,186 ZIP codes
> Median home value: $1,053,700 — 206th highest of 12,109 ZIP codes
37. 94127
> Location: San Francisco, California
> Median monthly rental cost: $3,039
> Share of income typically spent on rent: 19.9% — 205th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 20.6% — 1,868th lowest of 12,186 ZIP codes
> Median home value: $1,479,500 — 74th highest of 12,109 ZIP codes
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36. 95148
> Location: San Jose, California
> Median monthly rental cost: $3,046
> Share of income typically spent on rent: 30.0% — 4,964th highest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 19.9% — 1,688th lowest of 12,186 ZIP codes
> Median home value: $924,400 — 290th highest of 12,109 ZIP codes
35. 06820
> Location: Darien, Connecticut
> Median monthly rental cost: $3,052
> Share of income typically spent on rent: 35.0% — 1,552nd highest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 14.3% — 524th lowest of 12,186 ZIP codes
> Median home value: $1,465,800 — 76th highest of 12,109 ZIP codes
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34. 94089
> Location: Sunnyvale, California
> Median monthly rental cost: $3,055
> Share of income typically spent on rent: 22.6% — 698th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 44.4% — 3,031st highest of 12,186 ZIP codes
> Median home value: $295,600 — 3,533rd highest of 12,109 ZIP codes (tied)
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33. 02109
> Location: Boston, Massachusetts
> Median monthly rental cost: $3,071
> Share of income typically spent on rent: 21.5% — 417th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 60.0% — 1,179th highest of 12,186 ZIP codes
> Median home value: $786,300 — 488th highest of 12,109 ZIP codes
32. 07670
> Location: Tenafly, New Jersey
> Median monthly rental cost: $3,073
> Share of income typically spent on rent: 26.3% — 3,138th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 21.3% — 2,092nd lowest of 12,186 ZIP codes
> Median home value: $848,600 — 396th highest of 12,109 ZIP codes
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31. 92625
> Location: Newport Beach, California
> Median monthly rental cost: $3,092
> Share of income typically spent on rent: 24.8% — 2,024th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 33.6% — 5,696th highest of 12,186 ZIP codes
> Median home value: $2,000,000+ — the highest of 12,109 ZIP codes (tied)
30. 10996
> Location: West Point, New York
> Median monthly rental cost: $3,096
> Share of income typically spent on rent: 32.9% — 2,659th highest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 98.0% — 66th highest of 12,186 ZIP codes
> Median home value: $212,500 — 5,654th highest of 12,109 ZIP codes (tied)
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29. 02199
> Location: Boston, Massachusetts
> Median monthly rental cost: $3,124
> Share of income typically spent on rent: 25.7% — 2,672nd lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 95.1% — 89th highest of 12,186 ZIP codes
> Median home value: N/A
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28. 01731
> Location: Hanscom AFB, Massachusetts
> Median monthly rental cost: $3,135
> Share of income typically spent on rent: 32.8% — 2,726th highest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 100.0% — the highest of 12,186 ZIP codes (tied)
> Median home value: N/A
27. 94105
> Location: San Francisco, California
> Median monthly rental cost: $3,147
> Share of income typically spent on rent: 17.3% — 50th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 51.9% — 1,929th highest of 12,186 ZIP codes
> Median home value: $1,496,400 — 69th highest of 12,109 ZIP codes
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26. 90094
> Location: Los Angeles, California
> Median monthly rental cost: $3,159
> Share of income typically spent on rent: 27.5% — 4,333rd lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 52.3% — 1,891st highest of 12,186 ZIP codes
> Median home value: $1,092,300 — 177th highest of 12,109 ZIP codes
25. 91011
> Location: La Cañada Flintridge, California
> Median monthly rental cost: $3,186
> Share of income typically spent on rent: 32.9% — 2,659th highest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 11.8% — 251st lowest of 12,186 ZIP codes
> Median home value: $1,642,900 — 49th highest of 12,109 ZIP codes
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24. 02210
> Location: Boston, Massachusetts
> Median monthly rental cost: $3,197
> Share of income typically spent on rent: 25.3% — 2,393rd lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 72.0% — 526th highest of 12,186 ZIP codes
> Median home value: $879,100 — 352nd highest of 12,109 ZIP codes
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23. 91307
> Location: Los Angeles, California
> Median monthly rental cost: $3,211
> Share of income typically spent on rent: 39.1% — 541st highest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 15.1% — 648th lowest of 12,186 ZIP codes
> Median home value: $679,000 — 669th highest of 12,109 ZIP codes
22. 94304
> Location: Palo Alto, California
> Median monthly rental cost: $3,220
> Share of income typically spent on rent: 26.7% — 3,497th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 80.6% — 297th highest of 12,186 ZIP codes
> Median home value: $2,000,000+ — the highest of 12,109 ZIP codes (tied)
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21. 02142
> Location: Cambridge, Massachusetts
> Median monthly rental cost: $3,241
> Share of income typically spent on rent: 24.3% — 1,638th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 85.3% — 216th highest of 12,186 ZIP codes
> Median home value: $948,500 — 258th highest of 12,109 ZIP codes
20. 95014
> Location: Cupertino, California
> Median monthly rental cost: $3,246
> Share of income typically spent on rent: 23.5% — 1,111th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 40.8% — 3,740th highest of 12,186 ZIP codes
> Median home value: $1,868,000 — 34th highest of 12,109 ZIP codes
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19. 22101
> Location: McLean, Virginia
> Median monthly rental cost: $3,252
> Share of income typically spent on rent: 30.0% — 4,964th highest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 15.2% — 679th lowest of 12,186 ZIP codes
> Median home value: $1,026,000 — 213th highest of 12,109 ZIP codes
18. 94404
> Location: Foster City, California
> Median monthly rental cost: $3,273
> Share of income typically spent on rent: 25.7% — 2,672nd lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 47.2% — 2,565th highest of 12,186 ZIP codes
> Median home value: $1,334,200 — 99th highest of 12,109 ZIP codes
17. 10018
> Location: New York, New York
> Median monthly rental cost: $3,287
> Share of income typically spent on rent: 25.8% — 2,751st lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 86.9% — 192nd highest of 12,186 ZIP codes
> Median home value: $680,200 — 665th highest of 12,109 ZIP codes
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16. 11530
> Location: Garden City, New York
> Median monthly rental cost: $3,299
> Share of income typically spent on rent: 29.8% — 5,175th highest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 8.9% — 57th lowest of 12,186 ZIP codes
> Median home value: $827,800 — 426th highest of 12,109 ZIP codes
15. 94022
> Location: Los Altos, California
> Median monthly rental cost: $3,307
> Share of income typically spent on rent: 20.4% — 257th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 22.0% — 2,300th lowest of 12,186 ZIP codes
> Median home value: $2,000,000+ — the highest of 12,109 ZIP codes (tied)
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14. 95070
> Location: Saratoga, California
> Median monthly rental cost: $3,339
> Share of income typically spent on rent: 20.7% — 283rd lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 13.9% — 468th lowest of 12,186 ZIP codes
> Median home value: $2,000,000+ — the highest of 12,109 ZIP codes (tied)
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13. 10006
> Location: New York, New York
> Median monthly rental cost: $3,371
> Share of income typically spent on rent: 21.8% — 479th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 80.8% — 296th highest of 12,186 ZIP codes
> Median home value: $941,300 — 265th highest of 12,109 ZIP codes
12. 10004
> Location: New York, New York
> Median monthly rental cost: $3,393
> Share of income typically spent on rent: 25.1% — 2,256th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 61.7% — 1,047th highest of 12,186 ZIP codes
> Median home value: $1,892,400 — 33rd highest of 12,109 ZIP codes
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11. 95120
> Location: San Jose, California
> Median monthly rental cost: $3,428
> Share of income typically spent on rent: 28.6% — 5,585th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 11.0% — 171st lowest of 12,186 ZIP codes
> Median home value: $1,450,700 — 79th highest of 12,109 ZIP codes
10. 11109
> Location: New York, New York
> Median monthly rental cost: $3,456
> Share of income typically spent on rent: 22.9% — 811th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 84.6% — 227th highest of 12,186 ZIP codes
> Median home value: $600,200 — 942nd highest of 12,109 ZIP codes (tied)
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9. 94065
> Location: Redwood City, California
> Median monthly rental cost: $3,462
> Share of income typically spent on rent: 27.8% — 4,655th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 33.9% — 5,568th highest of 12,186 ZIP codes
> Median home value: $1,453,400 — 78th highest of 12,109 ZIP codes
8. 10282
> Location: New York, New York
> Median monthly rental cost: $3,500+
> Share of income typically spent on rent: 14.7% — 18th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 91.4% — 124th highest of 12,186 ZIP codes
> Median home value: $2,000,000+ — the highest of 12,109 ZIP codes (tied)
7. 94024
> Location: Los Altos, California
> Median monthly rental cost: $3,500+
> Share of income typically spent on rent: 18.0% — 66th lowest of 12,186 ZIP codes
> Rental occupied housing units: 12.1% — 271st lowest of 12,186 ZIP codes
> Median home value: $2,000,000+ — the highest of 12,109 ZIP codes (tied)
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6. 10007
> Location: New York, New York
> Median monthly rental cost: $3,500+
> Share of income typically spent on rent: 18.9% — 109th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 66.1% — 768th highest of 12,186 ZIP codes
> Median home value: $2,000,000+ — the highest of 12,109 ZIP codes (tied)
5. 91108
> Location: San Marino, California
> Median monthly rental cost: $3,500+
> Share of income typically spent on rent: 19.5% — 159th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 15.2% — 674th lowest of 12,186 ZIP codes
> Median home value: $2,000,000+ — the highest of 12,109 ZIP codes (tied)
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4. 10280
> Location: New York, New York
> Median monthly rental cost: $3,500+
> Share of income typically spent on rent: 22.1% — 551st lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 73.1% — 483rd highest of 12,186 ZIP codes
> Median home value: $1,055,900 — 203rd highest of 12,109 ZIP codes (tied)
3. 10005
> Location: New York, New York
> Median monthly rental cost: $3,500+
> Share of income typically spent on rent: 22.8% — 777th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 84.2% — 235th highest of 12,186 ZIP codes
> Median home value: $1,159,600 — 147th highest of 12,109 ZIP codes
2. 94129
> Location: San Francisco, California
> Median monthly rental cost: $3,500+
> Share of income typically spent on rent: 23.3% — 1,007th lowest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 99.5% — 40th highest of 12,186 ZIP codes
> Median home value: N/A
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1. 90290
> Location: Topanga, California
> Median monthly rental cost: $3,500+
> Share of income typically spent on rent: 35.2% — 1,474th highest of 12,186 ZIP codes (tied)
> Rental occupied housing units: 29.2% — 4,875th lowest of 12,186 ZIP codes
> Median home value: $1,070,800 — 191st highest of 12,109 ZIP codes
Methodology
To determine the ZIP codes with the highest rent, 24/7 Wall St. reviewed five-year estimates of median gross rent from the U.S. Census Bureau’s 2020 American Community Survey.
We used ZIP code tabulation areas — a census geography type that defines a real representation of United States Postal Service ZIP codes (USPS ZIP codes do not define geographic boundaries but instead are a network of mail delivery routes in a service area). We refer to Census ZCTAs as ZIP codes.
ZIP codes were excluded if median gross rent was not available in the 2020 ACS, if there were fewer than 500 renter-occupied housing units, or if the sampling error associated with a ZIP code’s data was deemed too high.
The sampling error was defined as too high if the coefficient of variation — a statistical assessment of how reliable an estimate is — for a ZIP code’s median gross rent was above 15% and greater than two standard deviations above the mean CV for all ZIP codes’ median gross rents. We similarly excluded ZIP codes that had a sampling error too high for their population, using the same definition.
ZIP codes were ranked based on the median gross rent. To break ties, we used the median gross rent as a share of household income.
Additional information on median gross rent as a share of household income, share of households occupied by renters, and median home value are also five-year estimates from the 2020 ACS.
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