- Renters have their work – or wallets – cut out for them.
- GoBankingRates recently revealed the salary renters need to afford rent for a single-family home in every US state.
- In some states, renters need to earn as much as $100,000. Only four states have a median rent less than $1,000.
Being a renter these days isn’t fun.
Renters spent a record amount of money on housing in 2017, and in some cities, they’re dealing with climbing rents.
So just how much of your income should you plan to shell out for rent? The answer depends on where you live.
GoBankingRates recently revealed how big your annual salary needs to be to afford rent in every US state, including Washington, DC. To determine the list, they used the budget rule of thumb that one should spend no more than 30% of annual income on housing.
They then found the median rent for a single-family residence in each state using the Zillow Rent Index, and calculated how much annual income one needs for rent costs to equal less than 30%.
The top-five states where you need to earn the most money to afford rent are all coastal - and you need to earn six figures to rent in the top two, California and Washington, DC. Meanwhile, the top-five states where you need the lowest salary to pay rent are in the South or Midwest. Four of these are the only states on the list with a median rent less than $1,000, meaning one can earn less than $40,000 and still afford rent.
From Florida to New York, see the salary you need to afford rent in every state, ranked from lowest to highest. Note that these figures are recent as of July 2018.
51. West Virginia
Annual income needed: $35,520
Monthly income needed: $2,960
Median rent: $888
50. Oklahoma
Annual income needed: $38,000
Monthly income needed: $3,166.67
Median rent: $950
49. Arkansas
Annual income needed: $38,120
Monthly income needed: $3,176.67
Median rent: $953
48. Alabama
Annual income needed: $39,920
Monthly income needed: $3,326.67
Median rent: $998
47. Missouri
Annual income needed: $41,880
Monthly income needed: $3,490
Median rent: $1,047
46. Kansas
Annual income needed: $42,040
Monthly income needed: $3,503.33
Median rent: $1,051
45. Mississippi
Annual income needed: $42,200
Monthly income needed: $3,516.67
Median rent: $1,055
44. Iowa
Annual income needed: $42,280
Monthly income needed: $3,523.33
Median rent: $1,057
43. Kentucky
Annual income needed: $43,360
Monthly income needed: $3,613.33
Median rent: $1,084
42. Michigan
Annual income needed: $44,400
Monthly income needed: $3,700
Median rent: $1,110
40 (TIE). Ohio
Annual income needed: $44,520
Monthly income needed: $3,710
Median rent: $1,113
40 (TIE). Indiana
Annual income needed: $44,520
Monthly income needed: $3,710
Median rent: $1,113
39. Wisconsin
Annual income needed: $45,640
Monthly income needed: $3,803.33
Median rent: $1,141
38. Wyoming
Annual income needed: $45,960
Monthly income needed: $3,830
Median rent: $1,149
37. Tennessee
Annual income needed: $46,120
Monthly income needed: $3,843.33
Median rent: $1,153
36. New Mexico
Annual income needed: $48,000
Monthly income needed: $4,000
Median rent: $1,200
35. North Carolina
Annual income needed: $48,320
Monthly income needed: $4,026.67
Median rent: $1,208
34. South Carolina
Annual income needed: $48,360
Monthly income needed: $4,030
Median rent: $1,209
33. South Dakota
Annual income needed: $48,520
Monthly income needed: $4,043.33
Median rent: $1,213
32. Montana
Annual income needed: $49,360
Monthly income needed: $4,113.33
Median rent: $1,234
31. Idaho
Annual income needed: $49,520
Monthly income needed: $4,126.67
Median rent: $1,238
30. Pennsylvania
Annual income needed: $49,680
Monthly income needed: $4,140.00
Median rent: $1,242
29. Louisiana
Annual income needed: $49,800
Monthly income needed: $4,150
Median rent: $1,245
28. Nebraska
Annual income needed: $50,120
Monthly income needed: $4,176.67
Median rent: $1,253
27. Georgia
Annual income needed: $50,480
Monthly income needed: $4,206.67
Median rent: $1,262
26. North Dakota
Annual income needed: $51,600
Monthly income needed: $4,300
Median rent: $1,290
25. Arizona
Annual income needed: $54,240
Monthly income needed: $4,520
Median rent: $1,356
24. Nevada
Annual income needed: $56,920
Monthly income needed: $4,743.33
Median rent: $1,423
23. Delaware
Annual income needed: $57,400
Monthly income needed: $4,783.33
Median rent: $1,435
22. Minnesota
Annual income needed: $57,960
Monthly income needed: $4,830
Median rent: $1,449
21. Virginia
Annual income needed: $58,080
Monthly income needed: $4,840
Median rent: $1,452
20. Texas
Annual income needed: $58,200
Monthly income needed: $4,850
Median rent: $1,455
19. Illinois
Annual income needed: $58,520
Monthly income needed: $4,876.67
Median rent: $1,463
18. Maine
Annual income needed: $58,640
Monthly income needed: $4,886.67
Median rent: $1,466
17. Utah
Annual income needed: $61,040
Monthly income needed: $5,086.67
Median rent: $1,526
16. Florida
Annual income needed: $63,600
Monthly income needed: $5,300
Median rent: $1,590
15. Vermont
Annual income needed: $63,960
Monthly income needed: $5,330
Median rent: $1,599
14. Oregon
Annual income needed: $68,280
Monthly income needed: $5,690
Median rent: $1,707
13. Rhode Island
Annual income needed: $69,000
Monthly income needed: $5,750
Median rent: $1,725
12. Alaska
Annual income needed: $69,920
Monthly income needed: $5,826.67
Median rent: $1,748
11. New Hampshire
Annual income needed: $69,920
Monthly income needed: $5,826.67
Median rent: $1,748
10. Connecticut
Annual income needed: $72,120
Monthly income needed: $6,010
Median rent: $1,803
9. Maryland
Annual income needed: $72,280
Monthly income needed: $6,023.33
Median rent: $1,807
8. Washington
Annual income needed: $73,520
Monthly income needed: $6,126.67
Median rent: $1,838
7. Colorado
Annual income needed: $77,080
Monthly income needed: $6,423.33
Median rent: $1,927
6. New York
Annual income needed: $82,000
Monthly income needed: $6,833.33
Median rent: $2,050
5. New Jersey
Annual income needed: $82,480
Monthly income needed: $82,480
Median rent: $2,062
4. Massachusetts
Annual income needed: $90,080
Monthly income needed: $7,506.67
Median rent: $2,252
3. Hawaii
Annual income needed: $99,240
Monthly income needed: $8,270
Median rent: $2,481
2. California
Annual income needed: $100,720
Monthly income needed: $8,393.33
Median rent: $2,518
1. Washington DC
Annual income needed: $108,440
Monthly income needed: $9,036.67
Median rent: $2,711