Given that Highland Park is one of Dallas' priciest neighborhoods for buying a house, it should come as no big surprise that it also ranks as one of the most expensive places to rent in the country.
The Dallas neighborhood comes in at No. 11 on HomeUnion's 20 Most Expensive Places for Renters-by-Choice. According to the online real estate investment firm, Highland Park has a median household income of $108,973, and the average monthly rent is $4,268. Interestingly, renters make up 29 percent of the neighborhood's households.
“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," said HomeUnion's director of research Steve Hovland in a release.
HomeUnion studied this rental trend by analyzing ZIP codes where more than 25 percent of the submarket’s real estate is rental stock and where households had a median income in the 75th percentile.
Houston's Rice Military neighborhood makes the list at No. 18, with 33 percent of its market consisting of renters. The median household income is $95,292, and the monthly rent is around $2,858.
Of course, New York's trendy TriBeCa neighborhood is the most expensive, with an average rent of $8,762 a month (yikes). Other places with steep rent include neighborhoods in start-up hot spots San Francisco, Oakland, and Seattle, as well as Atlanta and Nashville, which comes in last with a monthly rent of $2,534.