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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.

IRVINE, Calif., June 29, 2016 — 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 AreaZip Code% of Renter HouseholdsMedian Household IncomeAverage SFR RentSubmarket, City, or Neighborhood
New York, NY1000738%$204,822$8,762TriBeCa
San Francisco9410534%$151,879$4,980FiDi/Rincon Hill
Northern New Jersey0731046%$143,846$2,910Newport-Jersey City, NJ
Washington, DC2017127%$142,488$2,462Herndon, VA
Los Angeles9026625%$139,898$6,323Manhattan Beach
San Jose, CA9501427%$129,371$4,384Cupertino, CA
San Diego9213025%$126,841$3,988Camel Valley
Boston0246725%$120,993$4,070Chestnut Hill, MA
Oakland, CA9461826%$120,236$4,670Rockridge
Orange County9262526%$119,091$5,109Corona Del Mar, CA
Dallas/Fort Worth7520529%$108,973$4,268Highland Park
Philadelphia1901026%$104,337$2,889Bryn Mawr, PA
Seattle9803326%$103,962$2,793Kirkland, WA
Atlanta3032636%$100,662$2,307Buckhead Heights
Raleigh, NC2751825%$99,489$1,979Carey, NC
Denver8012425%$99,398$3,019Lone Tree, CO
Chicago6060140%$97,645$2,275Chicago Loop
Houston7700733%$97,546$2,858Rice Military
Orlando3281434%$95,292$2,553Baldwin Park
Nashville3706726%$94,458$2,534Franklin, 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.

Media Contact:          

Stacey Corso

415-672-6460

stacey.corso@homeunion.com

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