Far Rockaway renters looking for the least expensive areas to rent should look for the areas towards the red end of the spectrum on the rent cost map. Those who don't mind paying for high-end and luxury apartments should seek out apartments in dark green areas.
On average, the cost of rent in Far Rockaway is about $1,435 per month. This puts it in the 51st percentile compared to the city average cost of rent, which is $1,769. Households in Far Rockaway have a median income of $5,691 per month so the average renter in Far Rockaway is spending roughly 25% of their earnings on housing.
Nationally, and in Far Rockaway, home values are the data point most closely correlated with the cost of rent. The median price of a home in Far Rockaway is $530,393 right now, which is higher than nearby neighborhoods, meaning that rents in Far Rockaway also tend to be higher versus these nearby neighborhoods.
Higher rent prices are common in the northwestern parts of Far Rockaway while lower rent rates are often available in western areas.
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