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.
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
