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Tuesday, December 06, 2022

How much is recommended to earn per month to pay rent in USA

How much is recommended to earn per month to pay rent in USA

Rent is one of the biggest expenses a family must make, especially if they live in a city whose prices are above average. In the United States, there are institutions that have lower costs of living and higher salaries, but there are others where the opposite happens. Portal smartassetDedicated to financial analysis, made a list of how much money should be received monthly to be able to pay the rent Suffering without the family economy.

Citizens pay about $1,800 for a two-bedroom apartment, on average nationwide, but there are places like New York and Los Angeles where prices are higher. That is why the Housing and Urban Development Department has said in the information cited by whom? smartassetWhich is not recommended to pay rent at a cost of more than 30% of the income.

In other words, before choosing a house, People should estimate to calculate whether the charges for this will not exceed 30% of their monthly earnings, Otherwise, the financial position will be affected and it will be difficult to pay the rent.

A two bedroom apartment is what a family can afford for a little more than the average American salary.unsplash

in that sense, The portal examined how much money a family needs to buy a one- or two-bedroom apartment Among the 25 largest cities in the North American country, with a rent-to-income ratio of 28 percent.

to which conclusion smartasset After comparing 25 cities came that The median rent for a two-bedroom apartment in six cities is over $3,000Which means the income should be $99,700 per year to comfortably afford a one-bedroom apartment and about $128,300 (about $10,692 per month) for a two-bedroom apartment.

The experts took the task of categorizing from most expensive to cheapest within 25 cities taken as references. The results along with the annual salary are as follows:

1. San Francisco, California

Renters will need to earn at least $170,961 a year to buy a comfortable two-bedroom apartment, as rents here typically run around $4,000.

2. New York, New York

New York City’s median salary is $67,997 per year, but renting a two-bedroom apartment requires more than that amount. The study conducted determined that at least US$163,000 should be received.

3. Los Angeles, Calif.

The cost of a two-bedroom apartment is $3,100, while the median household income equals $70,372 per year. A Californian must earn $132,882 annually.

4. Boston, MA

Renters in this city must earn at least $131,600 per year to pay rent, based on 28% of the cost of the rent plan.

Rent In Some Us Cities Is More Expensive Than In Others
Rent in some US cities is more expensive than in othersunsplash

5. Washington, DC

The US capital is in the middle in the list provided by the analysis platform. It seems that with rising rental costs, you would need to earn at least $130,000 to buy a two-bedroom home.

6. San Jose, Calif.

California is again on the list as one of the most expensive entities. The annual income of a family should be $130,000.

7. San Diego, California

San Diego renters must earn approximately $128,000 per year to rent a two-bedroom apartment.

8. Seattle, Washington

Rents in this city start at $2,600, a reason that forces workers or heads of families to earn at least $111,600 a year, which would be enough for a two-bedroom apartment.

9. Denver, Colorado

Denver rents are around $2,300 a month. That is, 27,300 US dollars annually. Taking into account that US$27,300 should equal 28% of the annual salary, a citizen of this city should then earn US$97,600 per year.

10. Chicago, Illinois

Last in the top 10 is Chicago, though not far below the rest. The rent here suggests that families should earn $85,818 a year.

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