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Here’s How Much You Need To Make In Order To Pay Rent And Live A Good Life In These 15 Cities

Those looking to rent a two-bedroom place in the City by the Bay had better make more than $200,000 a year,[9] suggests a new SmartAsset study, according to market watch.

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Rents have been on the rise, and, for residents of some cities,[4] it means they now need six-figure incomes just to afford a two-bedroom apartment.

In April, rent jumped 3.7% from a a year earlier, part of a steady rise that’s been going on for months.[2] Rent-price growth matched its highest level since the financial crisis, “another indication of the imbalance in the nation’s housing market,” my colleague Andrea Riquier wrote Tuesday.[8]

For some, these rental-price hikes have made renting unaffordable.[3] Residents of San Francisco, now the U.S.’s priciest rental market,[5] need more than $216,000 to afford a two-bedroom rental apartment in their area, a study released Tuesday by financial website SmartAsset concluded; the median income in San Francisco is less than $80,000 a year.

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The study looks at the average fair-market value of a two-bedroom rental in each city and uses a 28% rent-to-income ratio as the gauge for affordability.

1). San fransisco, CA – $216,129

2). New York, NY – $158, 229

3). Los Angeles, CA – $145, 629

4). Boston, MA – $120, 900

5). Washington, DC – $119, 271

6). Seattle, WA – $98,271

7). Miami, FL – $90, 300

8). Chicago, IL – $76, 071

9). Philadelphia, PA – $65,100

10). Dallas, TX – $62,700

11). Atlanta, GA – $62,614

12). Houston, TX – $58, 971

13). Riverside, CA -$53, 100

14). Phoenix, AZ – $49, 800

15). Detroit, MI – $37, 971

To be sure, [7]plenty of people in San Francisco and other pricey cities whose salaries don’t measure up to this affordability standard do manage to pay the rent. Some, of course, spend well over 28% of their income on rent; others have secured some of the affordable-housing options available in cities like San Francisco and New York.[2]

You can also check apartments for rent in Washington DC.

Source: Market Watch

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