Six-figure salary needed to rent average two-bedroom in five largest U.S. cities
In an annual report, SmartAsset searched 15 major cities and estimated how much residents need to earn in order to afford a two-bedroom apartment.
Rent prices were pulled from RENTCafe's January 2017 report. Researchers says no more than 28 percent of income should be spent on housing, a threshold set by the U.S. Census Bureau to avoid being "cost-burdened."
San Francisco topped the list with 179,529 dollars in required annual income, more than 15,000 dollars ahead of second place New York City at 164,614 dollars.
Boston, Los Angeles and Washington followed New York. Folks there need to earn 135,686 dollars, 109,543 dollars and 103,543 dollars respectively.
Despite the high cost of living in San Francisco, only 31 percent of households make more than 150,000 dollars per year.
In 2015, a Harvard survey found that one-third of renters in Los Angeles or nearby Orange county see half their incomes go toward housing.
According to LA weekly the median individual income in the country's second largest city was about 28,000 dollars, resulting in an affordability crisis for many.
"There are not enough hours in the day for most people to earn enough money to afford an average apartment here," Gross said.
According to SmartAsset, Atlanta (53,914 dollars), Dallas (51,600 dollars) and Houston (46,629 dollars) are much more affordable for renters. ■