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This Is How Much You Need to Earn in Order to Rent in the U.S.'s Most Expensive Cities While the housing market has slightly cooled, many renters are still priced out of America's most expensive places.

By Madeline Garfinkle

Opinions expressed by Entrepreneur contributors are their own.

Alexander Spatari | Getty Images

The housing market has begun to slow following a near 20-month surge of skyrocketing prices. However, many Americans are still struggling to find affordable housing, especially in the country's priciest cities.

A recent report by Apartment Guide calculated how much you need to earn to afford rent in America's most expensive cities, and the results are staggering.

The site used the 30% rule (which states that you can determine how much you need to earn to afford to live in a certain place, assuming you spend 30% of your income on rent).

It's no shock that New York City came in at No. 1 — and by a lot.

1. New York City

Average rent: $6,351

Salary needed using 30% rule: $254,040

2. Boston

Average rent: $4,700

Salary needed using 30% rule: $188,009

3. Oakland, CA

Average rent: $4,430

Salary needed using 30% rule: $177,204

4. San Francisco, CA

Average rent: $4,336

Salary needed using 30% rule: $173,443

5. Los Angeles, CA

Average rent: $3,952

Salary needed using 30% rule: $158,064

6. San Diego, CA

Average rent: $3,913

Salary needed using 30% rule: $156,506

7. Seattle, WA

Average rent: $3,614

Salary needed using 30% rule: $144,549

8. San Jose, CA

Average rent: $3,517

Salary needed using 30% rule: $140,667

9. Santa Ana, CA

Average rent: $2,988

Salary needed using 30% rule: $119,539

10. Chicago, IL

Average rent: $2,947

Salary needed using 30% rule: $117,891

11. Washington D.C.

Average rent: $2,830

Salary needed using 30% rule: $113,181

12. Denver, CO

Average rent: $2,763

Salary needed using 30% rule: $110,505

13. Sacramento, CA

Average rent: $2,631

Salary needed using 30% rule: $105,248

14. Portland, OR

Average rent: $2,529

Salary needed using 30% rule: $101,171

15. Miami, FL

Average rent: $2,507

Salary needed using 30% rule: $100,285

16. Nashville, TN

Average rent: $2,370

Salary needed using 30% rule: $94,785

17. Philadelphia, PA

Average rent: $2,347

Salary needed using 30% rule: $93,878

18. Atlanta, GA

Average rent: $2,215

Salary needed using 30% rule: $88,599

19. New Orleans, LA

Average rent: $2,112

Salary needed using 30% rule: $84,461

20. Dallas, TX

Average rent: $2,091

Salary needed using 30% rule: $83,625
Madeline Garfinkle

News Writer

Madeline Garfinkle is a News Writer at Entrepreneur.com. She is a graduate from Syracuse University, and received an MFA from Columbia University. 

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