{"id":1709660,"date":"2022-10-25T06:10:08","date_gmt":"2022-10-25T10:10:08","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1709660"},"modified":"2022-10-25T06:33:57","modified_gmt":"2022-10-25T10:33:57","slug":"earn-less-than-100000-per-year-you-could-be-priced-out-of-rentals-in-americas-top-15-cities","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/earn-less-than-100000-per-year-you-could-be-priced-out-of-rentals-in-americas-top-15-cities\/","title":{"rendered":"Earn Less Than $100,000 per Year? You Could Be Priced Out of Rentals in America\u2019s Top 15 Cities"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">36<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fearn-less-than-100000-per-year-you-could-be-priced-out-of-rentals-in-americas-top-15-cities%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1709660&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>If you earn less than $100,000 a year, you may find it difficult to secure a rental apartment in the top 15 cities in the United States. In fact, a <a href=\"https:\/\/www.apartmentguide.com\/blog\/how-much-salary-do-you-need-to-rent-an-apartment\/\" target=\"_blank\" rel=\"noopener\">recent report<\/a> from <a href=\"https:\/\/www.theepochtimes.com\/t-apartment\">Apartment<\/a> Guide found that households need an annual <a href=\"https:\/\/www.theepochtimes.com\/t-income\">income<\/a> of at least $254,000 to rent an average apartment in New York City and $188,000 for a rental in Boston.<\/p>\n<p>Rounding out the top five expensive U.S. cities for <a href=\"https:\/\/www.theepochtimes.com\/t-rentals\">rentals<\/a> are Oakland, California, with income requirements of over $177,000, followed by San Francisco at $173,400 and Los Angeles at $158,000.<\/p>\n<p>Apartment Guide studied the top 50 largest cities and determined average rental costs for one- and two-bedroom apartments in each location.\u00a0 The average rent in New York City is a staggering $6,351, compared with $4,700 for Boston and $4,336 for San Francisco. The popular national resource that matches renters with apartments uses the widely-accepted \u201c30 percent rule,\u201d meaning people should spend no more than 30 percent of their income on housing.<\/p>\n<p>\u201cThe \u201830 percent rule\u2019 is just a guideline and doesn\u2019t necessarily mean that if you\u2019re not making a huge salary, you can\u2019t afford a place to live in these locations,\u201d Brian Carberry, managing editor of Apartment Guide, told The Epoch Times. \u201cA lot of people actually spend up to 50 percent on housing\u2013it all depends on what they\u2019re looking for and how much they\u2019re willing to allocate for rent.\u201d<\/p>\n<p>Based on the \u201c30 percent rule,\u201d a person making $100,000 should be spending no more than $30,000 a year on rent.\u00a0 That translates to a monthly rental of $2,500. Carberry explained that the salary needed to afford the rentals could also be divided up between a couple or roommates.\u00a0 \u201cA lot of younger people usually rent with roommates so that they are able to afford an apartment\u2014especially if they want to be in a downtown location in a major city,\u201d he said.<\/p>\n<p>With the current U.S. median household salary at $64,944, according to the U.S. Census Bureau, a large percentage of the population may have to look beyond the 15 top U.S. cities to find an affordable apartment. Also included in the top 15 highest rent locales are Seattle, Washington, San Diego, and San Jose, California, with incomes upwards of $150,000 suggested.\u00a0 Chicago comes in with an income of $117,000 followed by the District of Columbia at $113,000.<\/p>\n<p>On the lower end of the $100,000-plus spots are Sacramento, California, Miami, Florida, and Portland, Oregon, all hovering around $105,000 income recommendations.<\/p>\n<p>\u201cI was actually surprised that Portland had such high rents, because that area is typically way less expensive than many locations in California,\u201d admitted Carberry. Portland\u2019s average rental is listed at $2,529 per month.<\/p>\n<figure id=\"attachment_4814536\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/10\/23\/boston-photo-1200x800.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy size-full wp-image-4814536\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/boston-photo.jpg\" alt=\"Epoch Times Photo\" width=\"2160\" height=\"1440\" \/><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-4814536\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/boston-photo.jpg\" alt=\"Epoch Times Photo\" width=\"2160\" height=\"1440\" \/><\/noscript><\/figcaption><\/a> A one-bedroom apartment with den in Boston, renting from $4,200 to $4,475 per month. (Courtesy of Apartment Guide)<\/figure>\n<h2>Affordable Rentals<\/h2>\n<p>For renters seeking the best deals, Carberry points to cities in the Midwest or South. In Aurora, Colorado, for example, the average monthly rental is $1,989, where a yearly salary of $79,579 should be able cover the rent.\u00a0 Charlotte, North Carolina, where average rentals are $1,646 per month, requires a yearly income of $65,857.\u00a0 Only Arlington, Corpus Christi, and El Paso, Texas, have rentals available for those earning about $50,000 a year, and Wichita, Kansas, offers the most economical monthly rentals at $719, where $28,741 a year can secure an apartment.<\/p>\n<p>\u201cDuring the pandemic, we did see a lot of migration to the southern cities, which in turn, caused some rental prices to escalate there,\u201d added Carberry. \u201cStill, it\u2019s way cheaper to rent an apartment in Dallas, as compared to New York City.\u201d<\/p>\n<p>The report found that rents in Seattle increased the most from just one year ago\u2014up 45.21 percent with the average rent of $3,614. Conversely, Baltimore rents saw the largest decrease\u2014down 18.81 percent\u2014with a current average of $1,550 per month.<\/p>\n<p>Not surprisingly, said Carberry, the Northeast and California have traditionally been the most expensive regions of the country, which also require the highest salaries to afford rentals. \u201cCoastal areas are always the most popular, which is why you can often get much better rental deals from the Ohio Valley through Texas to Arizona,\u201d he said.\u00a0 \u201cOf course, salaries also tend to be lower in those areas, and overall, a lot of people are really stretching more for their rents.\u201d<\/p>\n<figure id=\"attachment_4814537\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/wichita.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy size-full wp-image-4814537\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/wichita.jpg\" alt=\"Epoch Times Photo\" width=\"1080\" height=\"720\" \/><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-4814537\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/wichita.jpg\" alt=\"Epoch Times Photo\" width=\"1080\" height=\"720\" \/><\/noscript><\/figcaption><\/a> A one-bedroom apartment in Witchita, renting from $1,039 to $1,059 per month. (Courtesy of Apartment Guide)<\/figure>\n<h2>A Glimmer of Hope<\/h2>\n<p>But there could be a glimmer of good news on the horizon. Newly released data from Dwellsy, the country\u2019s largest home rental listing platform with 13 million residential listings, reveals that some rental prices actually dropped in September.<\/p>\n<p>\u201cWe\u2019ve seen a pattern across the country where rents are down about $15 per month from last month,\u201d Jonas Bordo, Dwellsy CEO and co-founder told The Epoch Times. \u201cWhile that\u2019s a small amount, it does represent a decrease for the first time since last year.\u201d<\/p>\n<p>The U.S. median asking rent rose by 27 percent since September 2021. Dwellsy also reports that single-family home rents are driving the overall market.<\/p>\n<p>Bordo credits a slight decline in the levels of household formations for contributing to the decline. \u201cWith climbing rents, a lot of younger people are choosing to remain at home with their parents, or continue living with roommates instead of branching out and creating their own households,\u201d he explained.<\/p>\n<p>Currently, noted Bordo, about 70 percent of U.S. rental properties are owned by individuals, with the average person owning two units. The U.S. Census Bureau also estimates that renters currently comprise 36 percent of all U.S. households.<\/p>\n<p>Taking a look at the top cities with the fastest growing rents, Springfield, Missouri, leads the list with a September 2022 median asking rent of $1,590\u2014a 120.8 percent hike since September 2021. Anderson, South Carolina, is second, followed by Harrisburg, Virginia. Greenville, South Carolina, took the fourth spot, and Detroit, Michigan, grabbed the fifth position with a median asking rent of $1,782 per month\u2014an 81.8 percent hike over last September.<\/p>\n<p>\u201cA lot of people are rethinking where they want to live, since many can now work remotely from anywhere,\u201d said Bordo. \u201cDetroit has seen a lot of changes in the last couple of years with new developments and that may be responsible for the significant increase in rents.\u201d<\/p>\n<p>As for the most expensive single-family rental homes, it\u2019s no surprise that all top five locations are in California, with San Jose topping the list with a median asking rent of $3,600 in September. Other regions in the top five list, with similarly priced rents, include Salinas, San Francisco, Santa Barbara, and Los Angeles.\u00a0 Dwellsy\u2019s report also indicates that 35 percent of U.S. rentals are for single-family homes.<\/p>\n<p>Looking ahead to 2023, Bordo predicts a stabilization of rental prices.<\/p>\n<p>\u201cI\u2019m not expecting a steep drop, but I do expect a much slower rate of growth,\u201d he said.\u00a0 \u201cRight now, rents are still outpacing people\u2019s ability to pay.\u201d<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-mary-prenon\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/Mary-Prenon.jpg\" alt=\"Mary Prenon\" \/><\/a><\/p>\n<div class=\"names\">\n<p>Freelance Reporter<\/p>\n<\/div>\n<p>Follow<\/p>\n<\/div>\n<p>Mary T. Prenon covers real estate and business. She has been a writer and reporter for over 25 years with various print and broadcast media in New York.<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you earn less than $100,000 a year, you may find it difficult to secure a rental apartment in the top 15 cities in the United States. In fact, a<\/p>\n","protected":false},"author":1,"featured_media":1709663,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1709660","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1709660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1709660"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1709660\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1709663"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1709660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1709660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1709660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}