Business

Renters Appear More Satisfied in Many Pricey US Cities

Published

11 years ago

May 22, 2015

In this Feb. 3, 2015 file photo, a luxury rental building rises high above other buildings in the East Harlem section of New York. High rents are worth it. At least that's the sentiment of apartment dwellers in New York, San Francisco and Washington, who say they're more satisfied living in those cities than do renters in far more affordable areas such as Milwaukee, Albuquerque and Detroit, according to a survey released Thursday, May 21, 2015 by Apartment List. (AP Photo/Seth Wenig, File)

In this Feb. 3, 2015 file photo, a luxury rental building rises high above other buildings in the East Harlem section of New York. (AP Photo/Seth Wenig, File)

JOSH BOAK, AP Economics Writer

WASHINGTON (AP) — High rents are worth it.

At least that’s the sentiment of apartment dwellers in New York, San Francisco and Washington, who say they’re more satisfied living in those cities than do renters in far more affordable areas such as Milwaukee, Albuquerque and Detroit.

The finding comes from a survey released Thursday by Apartment List, a San Francisco-based company that helps renters find homes. It dovetails with other evidence that people are spending more on rent yet avoiding home ownership given the high cost of a down payment.

Tenants in the most expensive cities expressed more confidence in the local economy, felt safer from crime and enjoyed the parks, recreation and nightlife, according to the survey of more than 18,000 renters.

“These are all places that are very, very expensive,” said Andrew Tam, vice president of data science at Apartment List. “It’s this combination of having excellent job opportunities and an amazing lifestyle.”

In other words, it appears to reflect the adage that you get what you pay for. The higher prices point to strong demand from renters in cities with solid job markets and cultural and recreational amenities but also limited supplies of apartments. Renter priorities do shift with children. For parents, safety tends to edge out the local economy as the dominant factor.

Monthly rent for a two-bedroom in San Francisco averages $4,250. Even so, the availability of higher-paying tech jobs, outdoor space and lifestyle caused renter satisfaction there to be rated “A+.”

Washington, with its plum legal and government-related jobs, also earned an A+, and New York drew an A. (A grade at B- or lower was deemed below average.)

Cheaper rent proves to be a poor predictor of satisfaction, Tam said. Milwaukee, where rent for a two-bedroom averages $960 a month, earned a C -. Albuquerque ($750 a month) received a C-. Detroit ($610) flunked with an F.

Renters enjoyed the best of all worlds in Louisville, Fort Worth, Texas, and Columbus, Ohio: High satisfaction at roughly the same levels as the most expensive cities but with average rents below $800.

Evidence suggests that many renters are accepting the financial pressures created by expensive cities.

About a third of apartment dwellers in New York, San Francisco, Los Angeles and Miami are forking over half their paychecks for rent, said Jonathan Eppers, CEO of RadPad, whose company is slated to process up to $70 million in rental payments this year. The government defines housing costs in excess of 30 percent of income as burdensome.

Nearly 50 percent of renters using RadPad choose to pay with a credit card, even though the company charges them an additional fee for doing so. This suggests to Eppers that they’re trying to smooth out their cash flow because payday seldom lines up with due date for the rent.

“More renters than we think are living check to check,” Eppers said. “They’re willing to pay that 3 percent fee in order to make sure that they pay their rent on time.”

Nationwide, rents are consuming a greater share of incomes.

In April, the median rent climbed 4 percent over the previous 12 months to $1,364, real estate data firm Zillow said Thursday. That’s nearly double the 2.1 percent annual increase in hourly wages tracked by the Labor Department.

Many renters aspire to own a home. But 70 percent of tenants who dealt with a rent hike in the past two years say they “cannot afford” to buy at this point, according to survey results released Monday by mortgage giant Freddie Mac.

“We’ve found that rising rents do not appear to be playing a significant role in motivating renters to buy,” David Brickman, an executive vice president at Freddie Mac, said in a statement.

“This contradicts what some in the housing market think as they expect more renters ought to be actively looking to purchase a home.”

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The printed Weekly Edition of the Oakland Post: Week of March 18 – 24, 2026

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Financial Wellness and Mental Health: Managing Money Stress in College 

While everyone’s financial situation is unique, several common sources of stress have the potential to strain your financial health. These include financial and economic uncertainty, existing debts, unexpected expenses, and mental or physical health changes. Financial stress may differ from situation to situation, but understanding the factors contributing to yours may help you begin to craft a plan for your unique circumstances.

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2 weeks ago

March 17, 2026

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As a college student, managing financial responsibilities can be stressful.

If you’ve found yourself staying up late thinking about your finances or just feeling anxious overall about your financial future, you’re not alone. In one survey, 78% of college students who reported financial stress had negative impacts on their mental health, and 59% considered dropping out. While finances can impact overall stress, taking steps to manage your finances can support your mental, emotional and physical well-being.

When it comes to money, the sources of stress may look different for each student, but identifying the underlying causes and setting goals accordingly may help you feel more confident about your financial future.

Consider these strategies to help improve your financial wellness and reduce stress.

Understand what causes financial stress

2. Determine your financial priorities

Start by reflecting on your financial priorities. For students this often includes paying for school or paying off student loans, studying abroad, saving for spring break, building an emergency fund, paying down credit card debt or buying a car. Name the milestones that are most important to you, and plan accordingly.

3. Create a plan and stick to it

While setting actionable goals starts you on the journey to better financial health, it’s essential to craft a plan to follow through. Identifying and committing to a savings plan may give you a greater sense of control over your finances, which may help reduce your stress. Creating and sticking to a budget allows you to better track where your money is going so you may spend less and save more.

4. Pay down debt

Many students have some form of debt and want to make progress toward reducing their debt obligations. One option is the debt avalanche method, which focuses on paying off your debt with the highest interest rate first, then moving on to the debt with the next-highest interest rate. Another is the debt snowball method, which builds momentum by paying off your smallest debt balance, and then working your way up to the largest amounts.

5. Build your financial resilience

Some financial stress may be inevitable, but building financial resilience may allow you to overcome obstacles more easily. The more you learn about managing your money, for instance, the more prepared you’ll feel if the unexpected happens. Growing your emergency savings also may increase resilience since you’ll be more financially prepared to cover unexpected expenses or pay your living expenses.

6. Seek help and support

Many colleges have resources to help students experiencing financial stress, like financial literacy courses or funds that provide some assistance for students in need. Talk to your admissions counselor or advisor about your concerns, and they can direct you to sources of support. Your school’s counseling center can also be a great resource for mental health assistance if you’re struggling with financial stress.

The bottom line

Financial stress can affect college students’ health and wellbeing, but it doesn’t have to derail your dreams. Setting smart financial goals and developing simple plans to achieve them may help ease your stress. Revisit and adjust your plan as needed to ensure it continues to work for you, and seek additional support on campus as needed to help keep you on track.

 JPMorgan Chase Bank, N.A. Member FDIC