In California's five most populous cities, renters earning the median income can afford a home sized between 333 and 640 square feet, according to a new study.
RentCafé's study compares renter households' median monthly income to the average rent in the 100 most populous U.S. cities, based on Census and Yardi Matrix data. CNBC's analysis boils the data down to Fresno, Los Angeles, San Diego, San Francisco, and San Jose in California. Fresno renters can afford the most space while earning the median income ($2,525), 640 square feet. The average apartment size is 895 square feet, with an average price of $1,059.
The researchers adjusted each city’s median income for inflation to reflect 2019 values, then determined how many square feet you could afford in each place if you don’t spend more than the expert-advised 30 percent of your income on rent.
