Most financial advisors say that renters should never pay more than 30 percent of income on rent.
It’s good advice for the folks in Wichita, Kansas, where the average rent for a one bedroom apartment is $555, according to rental market analysis site, Rent Jungle, and the median per capita income is approximately $25,000.
But in New York City? Good luck. The average rent for a one bedroom apartment currently hovers above $3,000 per month, while the medianper capita income is $32,500. For one person to rent that while still budgeting “responsibly” (i.e. spending only 30 percent on rent), the renter would need to make around $108,000 in post-tax income.
Related: 25 Big Cities With the Highest Rent
As renters and landlords know, it can cost a pretty penny to live in big, happening cities. For many, even those with stable jobs, doing so means spending more of your income on rent. While most people in these cities tend to have higher incomes — the median per capita income in New York is roughly $4,000 above the national average and in San Francisco it’s about $13,500 higher — most renters in these cities still spend more than the recommended 30 percent on rent.
In 2015, the San Francisco housing market repeatedly made news with its skyrocketing cost of living and the increasing gentrification. However, this city by the bay isn’t the only one trying to take your money.
Using data from the American Community Survey, FindTheHomeexamined cities with populations larger than 300,000 people and found the 50 with the highest median gross rent.
Note: Median gross rent is based off of a rental “unit.” It is important to note that the American Community Survey does not distinguish between units with different numbers of bedrooms and bathrooms.
