Rising apartment rents mean it could be cheaper to buy a home depending on where one lives.
In more than 30 of the United States’s largest cities, a person would need to earn more than the average median household salary of $65,000 a year to afford an average-priced apartment, according to a new Apartment Guide report.
Based on a guideline of spending no more than 30% of one’s income, a person wanting to rent a home or apartment in a coastal city will need the greatest salary. New York City topped the list at $254,000, ahead of Boston at $188,000.
Major cities in California, including San Francisco, Los Angeles, and San Diego, would require a salary between $156,000 and nearly $174,00 in order to afford monthly apartment rental rates.
Washington, D.C., ranked as the 11th most expensive city to rent, requiring a salary of $113,181.
The cheapest rents can be found in Wichita, Kansas, requiring a salary of $28,741, per the report.
Earlier this summer, the median cost to rent a home or apartment in the U.S. topped $2,000 a month for the first time ever, according to a MoneyWise report, which also noted Census Bureau data to note that as of August, households covering 8.5 million people were behind on their rent.