Analysts at SmartAsset determined the average income needed to pay rent in America’s 15 largest cities.
The study compared fair market rent data to the Department of Housing and Urban Development’s affordability threshold, which states that individuals paying more than 30 percent of their income on housing are “housing cost-burdened.”
Key findings highlight the differences in cost between areas of the country. Ten of the 15 U.S. cities where homeowners need at least a $100,000 income to comfortably afford the average two-bedroom apartment are in California. In contrast, many cities in the midwest are much more affordable. The average two-bedroom in Toledo, Ohio would require earnings of just under $29,000 per year.
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