How much income is needed to pay the rent in America’s largest cities? SmartAsset recently gave it a shot by looking at the average rent for a 2-bedroom apartment from over 200 cities across the country and then compared it to HUD’s affordability threshold. Next, instead of using HUD’s 30% income rule, they chose 28% as the percentage of annual income residents should not exceed when spending on housing. To make their list even more interesting, they whittled it down to the 15 largest U.S. cities. It’s not surprising that San Francisco tops out the list….but, notice that the top 5 all require at least 6-figure income!
Click here to read the full report on SmartAsset.com.
