HomeUnion Names the 20 Most Expensive Places for Renters-by-Choice

The American Dream of homeownership fades as more people opt to rent in high-priced areas.

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HomeUnion

Jun 29, 2016, 12:00 ET

IRVINE, Calif., June 29, 2016 /PRNewswire/ -- HomeUnion, an online real estate investment management firm, has released a list of the most expensive places for renters-by-choice. HomeUnion analyzed zip codes where more than 25 percent of the submarket's real estate is rental stock, and those households have a median income in the 75th percentile, according to data compiled by HomeUnion, the U.S. Census Bureau and Maponics.

"Our list of the high-priced neighborhoods and submarkets for renters-by-choice indicates an ongoing shift in preferences among an affluent portion of the U.S. population," explains Steve Hovland, director of research for HomeUnion. "An increasing number of people are renters-by-choice, opting to live within walking distance or a short commute of their office building, workplace, university, community services or nightlife, instead of the suburbs. In other words, the American Dream of homeownership continues to fade, while renting by choice is an expanding reality for a large segment of the population," he adds.

Data from the Joint Center for Housing Studies of Harvard University supports HomeUnion's findings. In the Joint Center's 2015 Housing Vacancy Survey, renter households soared nearly 9 million from 2005 to 2015, the largest increase over any 10-year period on record. As of the end of last year, about 32 percent of U.S. households occupied rental housing.

Here's a list of the 20 zip most expensive zip codes for renters-by-choice in the U.S.:

Metro Area

Zip Code

% of Renter Households

 Median Household Income

 Average SFR Rent

 Submarket, City or Neighborhood

New York, NY

10007

38%

$204,822

$8,762

 TriBeCa

San Francisco

94105

34%

$151,879

$4,980

 FiDi/Rincon Hill 

Northern New Jersey

07310

46%

$143,846

$2,910

 Newport-Jersey City, NJ

Washington, DC

20171

27%

$142,488

$2,462

 Herndon, VA

Los Angeles

90266

25%

$139,898

$6,323

 Manhattan Beach 

San Jose, CA

95014

27%

$129,371

$4,384

 Cupertino, CA 

San Diego

92130

25%

$126,841

$3,988

 Camel Valley 

Boston

02467

25%

$120,993

$4,070

 Chestnut Hill, MA

Oakland, CA

94618

26%

$120,236

$4,670

 Rockridge 

Orange County

92625

26%

$119,091

$5,109

 Corona Del Mar, CA 

Dallas/Fort Worth

75205

29%

$108,973

$4,268

 Highland Park 

Philadelphia

19010

26%

$104,337

$2,889

 Bryn Mawr, PA

Seattle

98033

26%

$103,962

$2,793

 Kirkland, WA 

Atlanta

30326

36%

$100,662

$2,307

 Buckhead Heights 

Raleigh, NC

27518

25%

$99,489

$1,979

 Carey, NC

Denver

80124

25%

$99,398

$3,019

 Lone Tree, CO

Chicago

60601

40%

$97,645

$2,275

 Chicago Loop

Houston

77007

33%

$97,546

$2,858

 Rice Military

Orlando

32814

34%

$95,292

$2,553

 Baldwin Park

Nashville

37067

26%

$94,458

$2,534

 Franklin, TN 

About HomeUnion
HomeUnion is an online real estate investment management firm, bringing value investing to the individual investor in single-family rental (SFR) properties.  Based in Irvine, Calif., it provides all the services needed for individuals to invest remotely in SFR properties. The company uses a combination of data-driven proprietary analytics to incorporate over 120M homes and 200,000 neighborhoods into their database, and then delivers its solutions to an on-the-ground infrastructure that currently serves more than 20 locations and expanding. HomeUnion's role spans the lifecycle of the investment transaction: from identifying sound investments; handling all aspects of acquisition; maximizing income; protecting asset value; and selling it when the time comes.

SOURCE HomeUnion