The housing market was especially ruthless in 2022 as rents across the country soared to record highs.
franckreporter | Getty Images
Cities like New York and Miami saw fierce competition and subsequent skyrocketing costs to lock down a home or apartment. Although there have been signs of a slowing economy and falling housing prices, data shows that unfortunately — in certain places — rent is still at astronomical highs.
According to Moody Analytics, the U.S. is now “rent burdened” for the first time in the researcher’s 20-plus-year tracking history — meaning that the national rent-to-income average reached 30%, up 1.5% from a year ago.
Related: Starter Homes Are Out Of Reach For Most Buyers — Except in These 4 Cities
“As the disparity between rent growth and income growth widens, American’s wallets feel financial distress as wage growth trails rent growth,” the company stated in the report.
Still, some housing markets are cooling. Housing prices in places like Phoenix, AZ and Las Vegas, NV began slowing down late last year, among others. However, some areas remain out of reach for would-be residents.
As for the most expensive zip codes to reside in, Fisher Island, FL came in at number one — by a long shot. The tiny island is located south of Miami Beach and is only accessible by boat, helicopter or ferry. Celebrities like Oprah Winfrey and other billionaires have called it home.
The average rent for a two-bedroom residence on Fisher Island reached $24,000 in 2022, according to data from RentHop. Hampton Bays, NY came in second with an average rent of $12,500 for a two-bedroom home.
So for those looking to move in 2023, steer away from these 10 zip codes unless you have a flexible budget.
Related: These Are The Best and Worst Places To Move in 2023, According to an Economist
