ATTOM’s 2024 Rental Affordability report saw significant variations in pricing and affordability across different counties. For renters and potential homebuyers alike, understanding these dynamics is crucial. We have compiled a list of the top 10 counties with the highest rental rates in 2024, shedding light on their rental affordability, housing market trends, and economic factors that impact residents. Let’s explore these counties and the challenges they present to both renters and potential homebuyers.
- Collier County, Florida:
- 2024 3-Bdr Rental Price: $8,000
- Cheaper to Buy or Rent: Buy
- Rents or Home Prices Rising Faster: Home Prices
- Rents or Wages Rising Faster: Wages
- Home Prices or Wages Rising Faster: Home Prices
- Jan-Nov 2023 Home Sales Prices: $770,000
Collier County, located in Florida, boasts the highest 3-bedroom rental price in 2024 at $8,000. With a rental affordability index of 153%, it’s clear that renting here is a considerable financial commitment. However, it’s worth noting that the preference in this county leans towards buying rather than renting, and home prices have been rising faster than rents.
2. Santa Barbara County, California:
- 2024 3-Bdr Rental Price: $6,950
- Cheaper to Buy or Rent: Buy
- Rents or Home Prices Rising Faster: Home Prices
- Rents or Wages Rising Faster: Wages
- Home Prices or Wages Rising Faster: Home Prices
- Jan-Nov 2023 Home Sales Prices: $830,000
Santa Barbara County in California comes in second with a 3-bedroom rental price of $6,950 in 2024. The affordability index stands at 131%, indicating that renting here is also quite expensive. Just like Collier County, the preference here leans towards buying, with home prices outpacing rent increases.
3. Marin County, California:
- 2024 3-Bdr Rental Price: $6,000
- Cheaper to Buy or Rent: Rent
- Rents or Home Prices Rising Faster: Rents
- Rents or Wages Rising Faster: Rents
- Home Prices or Wages Rising Faster: Wages
- Jan-Nov 2023 Home Sales Prices: $1,644,625
Marin County in the San Francisco Bay Area is known for its picturesque landscapes and high-quality living. In 2024, the 3-bedroom rental price here is $6,000, making it relatively more affordable for renters compared to the previous two counties. Marin County stands out as a place where renting is a more viable option, and rents have been rising faster than home prices.
4. Westchester County, New York:
- 2024 3-Bdr Rental Price: $5,500
- Cheaper to Buy or Rent: Rent
- Rents or Home Prices Rising Faster: Rents
- Rents or Wages Rising Faster: Rents
- Home Prices or Wages Rising Faster: Home Prices
- Jan-Nov 2023 Home Sales Prices: $809,000
Westchester County in New York, part of the New York City metropolitan area, offers 3-bedroom rentals at $5,500 in 2024. While rental affordability is moderate at 76%, it’s still more favorable for renters compared to buyers. In this county, rents are rising faster than home prices.
5. Orange County, California:
- 2024 3-Bdr Rental Price: $5,450
- Cheaper to Buy or Rent: Rent
- Rents or Home Prices Rising Faster: Rents
- Rents or Wages Rising Faster: Rents
- Home Prices or Wages Rising Faster: Home Prices
- Jan-Nov 2023 Home Sales Prices: $1,192,500
Orange County, California, is renowned for its coastal beauty. In 2024, the 3-bedroom rental price stands at $5,450, offering better affordability to renters. Renting is preferred in this county, where rents are rising faster than home prices.
6. Los Angeles County, California:
- 2024 3-Bdr Rental Price: $5,300
- Cheaper to Buy or Rent: Rent
- Rents or Home Prices Rising Faster: Rents
- Rents or Wages Rising Faster: Rents
- Home Prices or Wages Rising Faster: Wages
- Jan-Nov 2023 Home Sales Prices: $880,000
Los Angeles County is one of the most populous in the United States. The 3-bedroom rental price in 2024 is $5,300, making it relatively affordable for renters compared to some other high-rent counties. Renting is favored here, with rents rising faster than home prices.
7. Monterey County, California:
- 2024 3-Bdr Rental Price: $5,145
- Rental Affordability: 107%
- Cheaper to Buy or Rent: Rent
- Rents or Home Prices Rising Faster: Rents
- Rents or Wages Rising Faster: Rents
- Home Prices or Wages Rising Faster: Wages
- Jan-Nov 2023 Home Sales Prices: $830,000
Monterey County, known for its stunning coastline and natural beauty, offers 3-bedroom rentals at $5,145 in 2024. Rental affordability is relatively good at 107%, making it a viable option for renters. Rents have been rising faster than home prices in this county.
8. San Mateo County, California:
- 2024 3-Bdr Rental Price: $5,000
- Cheaper to Buy or Rent: Rent
- Rents or Home Prices Rising Faster: Rents
- Rents or Wages Rising Faster: Wages
- Home Prices or Wages Rising Faster: Wages
- Jan-Nov 2023 Home Sales Prices: $1,780,000
San Mateo County, part of the San Francisco Bay Area, offers 3-bedroom rentals at $5,000 in 2024. While rental affordability is lower, renting is still a viable choice due to faster-rising rents compared to home prices. The county is known for its tech industry presence.
9. San Francisco County, California:
- 2024 3-Bdr Rental Price: $4,990
- Cheaper to Buy or Rent: Rent
- Rents or Home Prices Rising Faster: Rents
- Rents or Wages Rising Faster: Wages
- Jan-Nov 2023 Home Sales Prices: $1,500,000
San Francisco County, renowned for its tech prowess and cultural scene, features 3-bedroom rentals at $4,990 in 2024. Rental affordability is challenging at 37%, but renting remains favored due to rents rising faster than home prices. The county’s thriving job market and rising wages make it an attractive destination for those seeking career opportunities, while the median home sales price in early 2023 stood at $1.5 million, highlighting the competitive housing market.
- Riverside County, California:
- 2024 3-Bdr Rental Price: $4,800
- Cheaper to Buy or Rent: Buy
- Rents or Home Prices Rising Faster: Rents
- Rents or Wages Rising Faster: Rents
- Home Prices or Wages Rising Faster: Wages
- Jan-Nov 2023 Home Sales Prices: $586,000
Riverside County in California, with a 3-bedroom rental price of $4,800 in 2024, offers relatively good rental affordability at 101%. While it might appear more affordable than some other counties on the list, buying is the preferred option in Riverside County due to the faster rise in rents compared to home prices. Wages are also rising faster here, making it a compelling choice for potential homebuyers.
