According to a parking rate survey by Boston-based real estate research firm Colliers International, parking costs have risen nationwide for the fifth year in a row and they aren’t expected to change much in the near term. The median monthly parking rate in the U.S. is $153.79, a 0.9% rise from 2007.

New York City’s midtown Manhattan topped the list of most expensive parking areas within the U.S. The median cost to park a car in midtown Manhattan is $585 a month – or $7,020 a year – close to the sticker price of a Nissan Logan, which costs $7,000 to $10,800. Parking rates in midtown Manhattan can go as high as $750 a month.

Other expensive parking districts in the U.S. include New York City’s downtown area, with median cost at $462 a month; Boston, at $460 a month, and San Francisco at $350 a month.

The cheapest places to park? Areas with housing markets that have been among the worst-hit in the downturn. Parking rates in Bakersfield, Calif. are $40 a month. This is followed by Reno, Nev., at $45 a month and Phoenix, at $52.50 a month.

Still, parking prices within the U.S. pale in comparison to London, which has monthly rates of $1,166.87 within the city area. Sydney charges $774.76 a month for parking, while Hong Kong’s monthly rates are $742.40.

(Source: Wall Street Blogs)