The housing market has begun to slow following a near 20-month surge of skyrocketing prices. However, many Americans are still struggling to find affordable housing, especially in the country’s priciest cities.
Alexander Spatari | Getty Images A recent report by Apartment Guide calculated how much you need to earn to afford rent in America’s most expensive cities, and the results are staggering.
The site used the 30% rule (which states that you can determine how much you need to earn to afford to live in a certain place, assuming you spend 30% of your income on rent).
It’s no shock that New York City came in at No. 1 — and by a lot.
1. New York City
Average rent: $6,351
Salary needed using 30% rule: $254,040
2. Boston
Average rent: $4,700
Salary needed using 30% rule: $188,009
3. Oakland, CA
Average rent: $4,430
Salary needed using 30% rule: $177,204
4. San Francisco, CA
Average rent: $4,336
Salary needed using 30% rule: $173,443
5. Los Angeles, CA
Average rent: $3,952
Salary needed using 30% rule: $158,064
6. San Diego, CA
Average rent: $3,913
Salary needed using 30% rule: $156,506
7. Seattle, WA
Average rent: $3,614
Salary needed using 30% rule: $144,549
8. San Jose, CA
Average rent: $3,517
Salary needed using 30% rule: $140,667
9. Santa Ana, CA
Average rent: $2,988
Salary needed using 30% rule: $119,539
10. Chicago, IL
Average rent: $2,947
Salary needed using 30% rule: $117,891
11. Washington D.C.
Average rent: $2,830
Salary needed using 30% rule: $113,181
12. Denver, CO
Average rent: $2,763
Salary needed using 30% rule: $110,505
13. Sacramento, CA
Average rent: $2,631
Salary needed using 30% rule: $105,248
14. Portland, OR
Average rent: $2,529
Salary needed using 30% rule: $101,171
15. Miami, FL
Average rent: $2,507
Salary needed using 30% rule: $100,285
16. Nashville, TN
Average rent: $2,370
Salary needed using 30% rule: $94,785
17. Philadelphia, PA
Average rent: $2,347
Salary needed using 30% rule: $93,878
18. Atlanta, GA
Average rent: $2,215
Salary needed using 30% rule: $88,599
19. New Orleans, LA
Average rent: $2,112
Salary needed using 30% rule: $84,461
20. Dallas, TX
Average rent: $2,091
Salary needed using 30% rule: $83,625 https://www.entrepreneur.com/article/435660