How Much it Takes to Pay Rent in Major U.S. Cities
For those renting two-bedroom apartments in 10 major U.S. cities, the household income necessary is at least $73,714 to maintain a 28 percent rent-to-income ratio.
The latest SmartAsset study assesses how much income renters need to earn in the nation's largest cities, and finds that San Franciscans need the most: $187,800. Of the top 10 cities where renters need to earn the most, four are in California, though the second- and third-highest cities are New York City ($162,386), and Boston ($143,829) respectively. By contrast, Memphis renters need only earn $32,957 annually for a two-bedroom rent averaging $769.
Charlotte offers good value – According to our analysis, in order to afford the average two-bedroom apartment in Charlotte, you need to earn $50,400 per year. The median household income in Charlotte is $61,000, meaning the majority of households can afford a two-bedroom apartment. In total there are 10 cities on our list where the average household can afford to rent the average two-bedroom apartment.
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