If you’ve ever felt the weight of juggling two jobs just to make your monthly rent, the data confirms your struggle. The median rent across the nation stands at a hefty $1,702, necessitating an income of $5,673 per month or $68,080 annually to comfortably afford it. Given that the average yearly income for full-time workers hovers around $59,540, it’s evident why the rental market is pinching the pockets of many Americans.
Paradise Price Tag: Hawaii
The idyllic shores of Hawaii come at a steep price. With a median rent soaring to $2,512, living in the Aloha State demands a monthly income of $8,373 or a yearly earning of $100,480. Although Hawaii promises a tranquil lifestyle, the reality is, the average annual income across occupations in the state falls significantly short at $65,030. On the upside, no winter wear bills to worry about in this tropical haven.
Golden State Woes: California
California’s allure lies in its sunshine, scenic mountains, and coastal beauty, but such delights come with a hefty price tag. With a median rent of $2,531, residing in the Golden State calls for an income of $101,240 annually or nearly $8,500 monthly. However, given the average annual wage across all occupations in California at $76,960, many residents find themselves in a financial squeeze.
Concrete Jungle Costs: New York
In the Empire State, where dreams are made, the median rent rings in at $2,639. To comfortably afford living in New York, an annual income of at least $105,560 – about $8,800 monthly – is required. Yet, with the average yearly wage standing at $78,620, the affordability of the New York lifestyle appears far out of reach for many. Venturing to Manhattan only escalates the financial strain, with a staggering average rent of $4,768 for a modest-sized apartment.
Bay State Disparity: Massachusetts
Surpassing New York and California in rental costs, Massachusetts emerges as the top contender with a median rent of $2,714 per month. To comfortably reside in The Bay State, an income of at least $9,000 per month or $108,560 annually is a prerequisite. However, with the average annual wage in Massachusetts at a mere $80,330, finding a roommate might be the only viable option for many seeking affordable housing.
Seeking Affordable Shelter: 3 States With Manageable Rents
North Dakota
Nestled in North Dakota’s rugged Badlands is a surprising oasis for renters, with a median rent of just $1,046. A monthly income of $3,487 or an annual earning of $41,840 provides comfortable living in this northern state, where the average yearly wage across occupations stands at $59,050.
Arkansas
Securing the runner-up spot for the nation’s most affordable rents, Arkansas boasts a modest median rent of $1,036. With an annual income of $41,440 or $3,453 per month, residents can enjoy the state’s mountainous landscapes, meandering rivers, and thermal springs. The state’s average yearly wage of $51,250 further enhances its appeal to budget-conscious renters.
Oklahoma
Affording the least expensive median rent in the nation, Oklahoma shines with its monthly rent of $989 – the only state dipping below the $1,000 mark. To comfortably afford housing in Oklahoma, residents must ensure an annual income of $39,560 or $3,297 per month. With the state boasting an average annual wage of $53,540, prospects look brighter for those seeking cost-effective living options.
Methodology: To determine the required salary to afford rent in each state, a budget rule dictated that housing costs should not exceed 30 percent of income. Median rent figures were obtained from RentCafe, and income thresholds were calculated to keep monthly and yearly rental expenses within the 30 percent threshold. All data is current as of February 15, 2024.