The Salary Needed To Afford Rent in America’s 50 Largest Cities
One popular rule of thumb says your rent should be about 30% of your gross income. But how realistic is that number if you’re living in any of America’s 50 largest cities? Renters don’t want to use up all of their salaries on housing, but the costs can be intimidating.
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Even though the average rent began to soften in 2023, the costs of living and average salaries in large cities have not made significant improvements for renters. In most of the cities with larger populations, their demand and supply for housing has increased the cost of rentals, further pushing the amount of salary Americans need to comfortably afford housing in those cities.
In this new study, GOBankingRates provides data on exactly how much salary you need to afford the average rent in America’s largest cities. This will provide more context for the salary range you’ll need to cover living in your location. Especially if you’re considering moving cities, it’s a good move to compare rent prices against your salary and be sure you can afford the rent.
Now, how much exactly do you need?
50. New York
Total Population: 8,622,467
2024 Monthly Rent: $3,429
2024 Yearly Rent: $41,152
Minimum Salary Needed to Afford Rent: $137,173
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49. Boston
Total Population: 665,945
2024 Monthly Rent: $3,266
2024 Yearly Rent: $39,188
Minimum Salary Needed to Afford Rent: $130,627
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48. San Francisco
Total Population: 851,036
2024 Monthly Rent: $3,259
2024 Yearly Rent: $39,104
Minimum Salary Needed to Afford Rent: $130,347
47. San Jose, California
Total Population: 1,001,176
2024 Monthly Rent: $3,117
2024 Yearly Rent: $37,408
Minimum Salary Needed to Afford Rent: $124,693
46. Miami
Total Population: 443,665
2024 Monthly Rent: $3,102
2024 Yearly Rent: $37,225
Minimum Salary Needed to Afford Rent: $124,083
45. San Diego
Total Population: 1,383,987
2024 Monthly Rent: $2,986
2024 Yearly Rent: $35,829
Minimum Salary Needed to Afford Rent: $119,431
44. Los Angeles
Total Population: 3,881,041
2024 Monthly Rent: $ 2,790
2024 Yearly Rent: $33,485
Minimum Salary Needed to Afford Rent: $111,617
43. Oakland, California
Total Population: 437,825
2024 Monthly Rent: $ 2,504
2024 Yearly Rent: $30,053
Minimum Salary Needed to Afford Rent: $100,177
42. Washington, DC
Total Population: 670,587
2024 Monthly Rent: $2,432
2024 Yearly Rent: $29,182
Minimum Salary Needed to Afford Rent: $97,272
41. Long Beach, California
Total Population: 462,293
2024 Monthly Rent: $2,248
2024 Yearly Rent: $26,976
Minimum Salary Needed to Afford Rent: $89,922
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40. Seattle
Total Population: 734,603
2024 Monthly Rent: $2,189
2024 Yearly Rent: $26,265
Minimum Salary Needed to Afford Rent: $87,550
39. Chicago
Total Population: 2,721,914
2024 Monthly Rent: $2,107
2024 Yearly Rent: $25,278
Minimum Salary Needed to Afford Rent: $84,260
38. Sacramento, California
Total Population: 523,600
2024 Monthly Rent: $2,073
2024 Yearly Rent: $24,879
Minimum Salary Needed to Afford Rent: $82,930
37. Denver
Total Population: 710,800
2024 Monthly Rent: $1,974
2024 Yearly Rent: $23,691
Minimum Salary Needed to Afford Rent: $78,969
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36. Atlanta
Total Population: 494,838
2024 Monthly Rent: $1,942
2024 Yearly Rent: $23,301
Minimum Salary Needed to Afford Rent: $77,669
35. Bakersfield, California
Total Population: 404,321
2024 Monthly Rent: $1,937
2024 Yearly Rent: $23,239
Minimum Salary Needed to Afford Rent: $77,462
34. Nashville, Tennessee
Total Population: 684,103
2024 Monthly Rent: $1,878
2024 Yearly Rent: $22,541
Minimum Salary Needed to Afford Rent: $75,137
33. Virginia Beach, Virginia
Total Population: 457,900
2024 Monthly Rent: $1,863
2024 Yearly Rent: $22,361
Minimum Salary Needed to Afford Rent: $74,536
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32. Fresno, California
Total Population: 541,528
2024 Monthly Rent: $1,828
2024 Yearly Rent: $21,933
Minimum Salary Needed to Afford Rent: $73,110
31. Colorado Springs, Colorado
Total Population: 479,612
2024 Monthly Rent: $1,803
2024 Yearly Rent: $21,635
Minimum Salary Needed to Afford Rent: $72,118
30. Charlotte, North Carolina
Total Population: 875,045
2024 Monthly Rent: $1,761
2024 Yearly Rent: $21,130
Minimum Salary Needed to Afford Rent: $70,433
29. Portland, Oregon
Total Population: 646,101
2024 Monthly Rent: $1,738
2024 Yearly Rent: $20,855
Minimum Salary Needed to Afford Rent: $69,517
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28. Austin, Texas
Total Population: 958,202
2024 Monthly Rent: $1,729
2024 Yearly Rent: $20,753
Minimum Salary Needed to Afford Rent: $69,177
27. Las Vegas
Total Population: 644,835
2024 Monthly Rent: $1,726
2024 Yearly Rent: $20,714
Minimum Salary Needed to Afford Rent: $69,046
26. Philadelphia
Total Population: 1,593,208
2024 Monthly Rent: $1,716
2024 Yearly Rent: $20,589
Minimum Salary Needed to Afford Rent: $68,630
25. Dallas
Total Population: 1,300,642
2024 Monthly Rent: $1,713
2024 Yearly Rent: $20,560
Minimum Salary Needed to Afford Rent: $68,534
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24. Phoenix
Total Population: 1,609,456
2024 Monthly Rent: $1,704
2024 Yearly Rent: $20,446
Minimum Salary Needed to Afford Rent: $68,152
23. Fort Worth
Total Population: 924,663
2024 Monthly Rent: $1,696
2024 Yearly Rent: $20,352
Minimum Salary Needed to Afford Rent: $67,839
22. Mesa, Arizona
Total Population: 503,390
2024 Monthly Rent: $1,678
2024 Yearly Rent: $20,131
Minimum Salary Needed to Afford Rent: $67,102
21. Baltimore
Total Population: 584,548
2024 Monthly Rent: $1,675
2024 Yearly Rent: $20,103
Minimum Salary Needed to Afford Rent: $67,010
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20. Raleigh, North Carolina
Total Population: 465,517
2024 Monthly Rent: $1,666
2024 Yearly Rent: $19,991
Minimum Salary Needed to Afford Rent: $66,637
19. Arlington, Texas
Total Population: 393,469
2024 Monthly Rent: $1,621
2024 Yearly Rent: $19,454
Minimum Salary Needed to Afford Rent: $64,848
18. Jacksonville, Florida
Total Population: 950,203
2024 Monthly Rent: $1,616
2024 Yearly Rent: $19,387
Minimum Salary Needed to Afford Rent: $64,622
17. Minneapolis
Total Population: 426,877
2024 Monthly Rent: $1,615
2024 Yearly Rent: $19,378
Minimum Salary Needed to Afford Rent: $64,592
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16. Houston
Total Population: 2,296,253
2024 Monthly Rent: $1,582
2024 Yearly Rent: $18,987
Minimum Salary Needed to Afford Rent: $63,290
15. El Paso, Texas
Total Population: 677,181
2024 Monthly Rent: $1,510
2024 Yearly Rent: $18,122
Minimum Salary Needed to Afford Rent: $60,405
14. Tucson, Arizona
Total Population: 541,033
2024 Monthly Rent: $1,485
2024 Yearly Rent: $17,824
Minimum Salary Needed to Afford Rent: $59,413
13. Albuquerque, New Mexico
Total Population: 562.551
2024 Monthly Rent: $1,481
2024 Yearly Rent: $17,824
Minimum Salary Needed to Afford Rent: $59,413
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12. Columbus, Ohio
Total Population: 902,449
2024 Monthly Rent: $1,420
2024 Yearly Rent: $17,035
Minimum Salary Needed to Afford Rent: $56,785
11. San Antonio, Texas
Total Population: 1,445,662
2024 Monthly Rent: $1,413
2024 Yearly Rent: $16,961
Minimum Salary Needed to Afford Rent: $56,538
10. Indianapolis
Total Population: 882,006
2024 Monthly Rent: $1,371
2024 Yearly Rent: $16,453
Minimum Salary Needed to Afford Rent: $54,842
9. Louisville, Kentucky
Total Population: 629,176
2024 Monthly Rent: $1,361
2024 Yearly Rent: $16,329
Minimum Salary Needed to Afford Rent: $54,430
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8. Kansas City, Missouri
Total Population: 505,958
2024 Monthly Rent: $1,359
2024 Yearly Rent: $16,312
Minimum Salary Needed to Afford Rent: $54,374
7. Omaha, Nebraska
Total Population: 489,201
2024 Monthly Rent: $1,309
2024 Yearly Rent: $15,709
Minimum Salary Needed to Afford Rent: $52,363
6. Milwaukee
Total Population: 573,299
2024 Monthly Rent: $1,295
2024 Yearly Rent: $15,545
Minimum Salary Needed to Afford Rent: $51,816
5. Memphis, Tennessee
Total Population: 630,027
2024 Monthly Rent: $1,279
2024 Yearly Rent: $15,353
Minimum Salary Needed to Afford Rent: $51,176
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4. Detroit
Total Population: 636,787
2024 Monthly Rent: $1,270
2024 Yearly Rent: $15,246
Minimum Salary Needed to Afford Rent: $50,820
3. Oklahoma City
Total Population: 681,088
2024 Monthly Rent: $1,262
2024 Yearly Rent: $15,143
Minimum Salary Needed to Afford Rent: $50,477
2. Tulsa, Oklahoma
Total Population: 411,938
2024 Monthly Rent: $1,225
2024 Yearly Rent: $14,702
Minimum Salary Needed to Afford Rent: $49,006
1. Wichita, Kansas
Total Population: 411, 938
2024 Monthly Rent: $1,021
2024 Yearly Rent: $12,256
Minimum Salary Needed to Afford Rent: $40,852
Methodology: For this piece GOBankingRates first found the 50 largest cities in America according to total population as sourced from the 2022 American Community Survey as conducted by the US Census Bureau. With the 50 cities found, GOBankingRates then used Zillow’s March 2024 data to find each city (1) 2024 average monthly rent and (2) 2024 average yearly rent. GOBankingRates was then able to find (3) the minimum salary one needs to afford rent, assuming that housing should cost no more than 30% of one’s gross (pre-tax) income. All data was collected and up to date as of May 2, 2024.
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This article originally appeared on GOBankingRates.com: The Salary Needed To Afford Rent in America’s 50 Largest Cities
