The top 5 U.S. metropolitan areas with the highest single-family rental prices

These U.S. metropolitan real estate markets had the highest median single-family monthly rents during the second quarter of 2023:

1. Los Angeles; Long Beach, California; Anaheim, California: $4,984
2. San Diego; Carlsbad, California: $4,862
3. Naples, Florida; Immokalee, Florida; Marco Island, Florida: $4,821
4. Bridgeport, Connecticut; Stamford, Connecticut; Norwalk, Connecticut: $4,750
5. San Jose, California; Sunnyvale, California; Santa Clara, California: $4,629

These U.S. metropolitan real estate markets had the cheapest median single-family monthly rents during the second quarter of 2023:

1. Little Rock, Arkansas; North Little Rock, Arkansas; Conway, Arkansas: $1,267
2. Montgomery, Alabama: $1,394
3. Birmingham, Alabama; Hoover, Alabama: $1,441
4. Louisville, Kentucky; Jefferson County, Kentucky and Indiana: $1,492
5. Cleveland, Ohio; Elyria, Ohio: $1,506

Some 40% of Americans are considering a move in 2023, according to a recent survey from moving website HireAHelper. Financial pressures rank among the top reasons for relocating.

However, financial experts caution consumers about the hidden costs.

“The most overlooked hidden cost is often searching for a new job,” said Michael Hansen, a certified financial planner and co-founder of Frontier Wealth Strategies. He advises considering job prospects and in-person opportunities in the new city before making a move.

While moving to a cheaper state for remote work may seem appealing, it’s important to consider the job market and potential in-person job opportunities in the new city.

“What you might save in dollars, you may lose in connection, collaboration, and community,” said Eric Roberge, a certified financial planner and founder of Beyond Your Hammock. He emphasizes the value of being with like-minded people and the intangible benefits of community.