Renting

Boston ranks among the least affordable cities for single renters

A new report found that local singles spent 28.68% of their yearly income on rent, making Boston the No. 5 most unaffordable city in the U.S.

Calendar mark with Pay rent
The worst place for single renters? New York City. Adobe Stock

When it comes to unaffordable cities for singles, Boston is high on the list, according to a study RentHop released Tuesday.

The site ranked Boston No. 5 out of 50 in terms of unaffordability, noting that singles have to allocate 28.68% of their yearly income to afford their $2,250-a-month studio. This reflects a 6.67% increase from last year, according to the report.

But rents are cooling off in the region, according to a market report from Apartment Advisor, an online real estate site. Despite this, Boston remains the second most expensive market overall for renters in the country.

Here is RentHop’s breakdown of the best and worst rental markets for singles:

New York City ranked second last year behind Miami, but the Big Apple leapt into first this year after experiencing “a meteoric rise in rents prices in 2022,” according to the report.

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You can nab a studio in Colorado Springs, Colo., for a median rent of $925 a month, but prices have jumped the most year over year for a zero-bedroom apartment in these 10 spots:

city% increase
Columbus, Ohio35.84%
San Jose, Calif.27.54%
Oklahoma City23.97%
Indianapolis23.15%
New York City23.10%
Phoenix20.37%
Wichita, Kan.19%
Virginia Beach, Va.17.04%
Louisville, Ky.17.04%
Los Angeles16.06%
RentHop

And the least most in these:

City% CHANGE
Fresno, Calif.-5.26%
Fort Worth-0.32%
AlbuquerqueEven
Milwaukee0.64%
El Paso0.75%
Dallas0.91%
Denver1.16%
Philadelphia1.21%
Washington, D.C.1.63%
Detroit2.27%
RentHop

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