A six-figure annual income is needed to afford an "average" two-bedroom apartment in the five largest cities of the US, a personal finance company said
Washington: A six-figure annual income is needed to afford an "average" two-bedroom apartment in the five largest cities of the US, a personal finance company said.
In an annual report on Wednesday, SmartAsset searched 15 major cities and estimated how much residents need to earn in order to afford a two-bedroom apartment, reports Xinhua news agency.
ADVERTISEMENT
Rent prices were pulled from RENTCafe's January 2017 report. Researchers say no more than 28 per cent of income should be spent on housing, a threshold set by the US Census Bureau to avoid being "cost-burdened".
San Francisco topped the list with $179,529 in required annual income, more than $15,000 ahead of second place New York City at $164,614.
Boston, Los Angeles and Washington followed New York with $135,686, $109,543 and $103,543 respectively.
Despite the high cost of living in San Francisco, only 31 per cent of households make more than 150,000 dollars per year.
According to SmartAsset, Atlanta ($53,914), Dallas ($51,600) and Houston ($46,629) are much more affordable for renters.
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
