Yahoo Finance The Salary You Need To Afford To Rent a 2-Bedroom in Every State
Renting a two-bedroom apartment for under $1,000 a month is still possible in some parts of the U.S., even amid the ever-rising cost of living.
Sub-$1,000 rents have been tougher to find since rental costs soared during the pandemic. According to the latest data from ApartmentList, the average cost to rent a two-bedroom in the U.S. was $1,362 a month in February (the most recent figures available). Only six states posted averages of less than $1,000.
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So how much money do you have to make to pull off renting a two-bedroom these days?
To compile a rundown of state-by-state averages, GOBankingRates sourced monthly and annual rental costs for two-bedroom apartments from ApartmentList. GBR then applied the general guideline of limiting your housing costs to 30% of your annual income, which produced the minimum salary needed on average for each state.
For perspective, the average cost to rent a two-bedroom apartment in the U.S. is $16,344 a year. Based on these numbers, the average minimum salary needed to rent a two-bedroom in the U.S. is $54,480 a year.
In one state, you can pull it off if you make just over $35,000 a year. In another, you’ll need to make more than $90,000. Note that this study doesn’t include Maine or Vermont, both of which had incomplete data.
Alabama
Average monthly rent for a two-bedroom apartment: $932
Average yearly rent for a two-bedroom apartment: $11,184
Minimum salary needed to rent a two-bedroom apartment: $37,280
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Alaska
Average monthly rent for a two-bedroom apartment: $1,549
Average yearly rent for a two-bedroom apartment: $18,582
Minimum salary needed to rent a two-bedroom apartment: $61,940
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Arizona
Average monthly rent for a two-bedroom apartment: $1,352
Average yearly rent for a two-bedroom apartment: $16,218
Minimum salary needed to rent a two-bedroom apartment: $54,060
Arkansas
Average monthly rent for a two-bedroom apartment: $876
Average yearly rent for a two-bedroom apartment: $10,506
Minimum salary needed to rent a two-bedroom apartment: $35,020
California
Average monthly rent for a two-bedroom apartment: $2,163
Average yearly rent for a two-bedroom apartment: $25,950
Minimum salary needed to rent a two-bedroom apartment: $86,500
Colorado
Average monthly rent for a two-bedroom apartment: $1,669
Average yearly rent for a two-bedroom apartment: $20,022
Minimum salary needed to rent a two-bedroom apartment: $66,740
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Connecticut
Average monthly rent for a two-bedroom apartment: $1,664
Average yearly rent for a two-bedroom apartment: $19,962
Minimum salary needed to rent a two-bedroom apartment: $66,540
Delaware
Average monthly rent for a two-bedroom apartment: $1,430
Average yearly rent for a two-bedroom apartment: $17,160
Minimum salary needed to rent a two-bedroom apartment: $57,200
Florida
Average monthly rent for a two-bedroom apartment: $1,544
Average yearly rent for a two-bedroom apartment: $18,522
Minimum salary needed to rent a two-bedroom apartment: $61,740
Georgia
Average monthly rent for a two-bedroom apartment: $1,245
Average yearly rent for a two-bedroom apartment: $14,934
Minimum salary needed to rent a two-bedroom apartment: $49,780
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Hawaii
Average monthly rent for a two-bedroom apartment: $2,260
Average yearly rent for a two-bedroom apartment: $27,120
Minimum salary needed to rent a two-bedroom apartment: $90,400
Idaho
Average monthly rent for a two-bedroom apartment: $1,013
Average yearly rent for a two-bedroom apartment: $12,156
Minimum salary needed to rent a two-bedroom apartment: $40,520
Illinois
Average monthly rent for a two-bedroom apartment: $1,358
Average yearly rent for a two-bedroom apartment: $16,290
Minimum salary needed to rent a two-bedroom apartment: $54,300
Indiana
Average monthly rent for a two-bedroom apartment: $1,089
Average yearly rent for a two-bedroom apartment: $13,068
Minimum salary needed to rent a two-bedroom apartment: $43,560
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Iowa
Average monthly rent for a two-bedroom apartment: $1,010
Average yearly rent for a two-bedroom apartment: $12,114
Minimum salary needed to rent a two-bedroom apartment: $40,380
Kansas
Average monthly rent for a two-bedroom apartment: $1,017
Average yearly rent for a two-bedroom apartment: $12,198
Minimum salary needed to rent a two-bedroom apartment: $40,660
Kentucky
Average monthly rent for a two-bedroom apartment: $1,001
Average yearly rent for a two-bedroom apartment: $12,006
Minimum salary needed to rent a two-bedroom apartment: $40,020
Louisiana
Average monthly rent for a two-bedroom apartment: $1,043
Average yearly rent for a two-bedroom apartment: $12,516
Minimum salary needed to rent a two-bedroom apartment: $41,720
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Maryland
Average monthly rent for a two-bedroom apartment: $1,812
Average yearly rent for a two-bedroom apartment: $21,738
Minimum salary needed to rent a two-bedroom apartment: $72,460
Massachusetts
Average monthly rent for a two-bedroom apartment: $2,027
Average yearly rent for a two-bedroom apartment: $24,324
Minimum salary needed to rent a two-bedroom apartment: $81,080
Michigan
Average monthly rent for a two-bedroom apartment: $1,137
Average yearly rent for a two-bedroom apartment: $13,638
Minimum salary needed to rent a two-bedroom apartment: $45,460
Minnesota
Average monthly rent for a two-bedroom apartment: $1,352
Average yearly rent for a two-bedroom apartment: $16,224
Minimum salary needed to rent a two-bedroom apartment: $54,080
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Mississippi
Average monthly rent for a two-bedroom apartment: $964
Average yearly rent for a two-bedroom apartment: $11,568
Minimum salary needed to rent a two-bedroom apartment: $38,560
Missouri
Average monthly rent for a two-bedroom apartment: $1,078
Average yearly rent for a two-bedroom apartment: $12,930
Minimum salary needed to rent a two-bedroom apartment: $43,100
Montana
Average monthly rent for a two-bedroom apartment: $1,066
Average yearly rent for a two-bedroom apartment: $12,792
Minimum salary needed to rent a two-bedroom apartment: $42,640
Nebraska
Average monthly rent for a two-bedroom apartment: $1,114
Average yearly rent for a two-bedroom apartment: $13,362
Minimum salary needed to rent a two-bedroom apartment: $44,540
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Nevada
Average monthly rent for a two-bedroom apartment: $1,371
Average yearly rent for a two-bedroom apartment: $16,452
Minimum salary needed to rent a two-bedroom apartment: $54,840
New Hampshire
Average monthly rent for a two-bedroom apartment: $1,606
Average yearly rent for a two-bedroom apartment: $19,272
Minimum salary needed to rent a two-bedroom apartment: $64,240
New Jersey
Average monthly rent for a two-bedroom apartment: $1,982
Average yearly rent for a two-bedroom apartment: $23,778
Minimum salary needed to rent a two-bedroom apartment: $79,260
New Mexico
Average monthly rent for a two-bedroom apartment: $1,027
Average yearly rent for a two-bedroom apartment: $12,324
Minimum salary needed to rent a two-bedroom apartment: $41,080
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New York
Average monthly rent for a two-bedroom apartment: $1,829
Average yearly rent for a two-bedroom apartment: $21,942
Minimum salary needed to rent a two-bedroom apartment: $73,140
North Carolina
Average monthly rent for a two-bedroom apartment: $1,149
Average yearly rent for a two-bedroom apartment: $13,782
Minimum salary needed to rent a two-bedroom apartment: $45,940
North Dakota
Average monthly rent for a two-bedroom apartment: $1,054
Average yearly rent for a two-bedroom apartment: $12,642
Minimum salary needed to rent a two-bedroom apartment: $42,140
Ohio
Average monthly rent for a two-bedroom apartment: $1,080
Average yearly rent for a two-bedroom apartment: $12,954
Minimum salary needed to rent a two-bedroom apartment: $43,180
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Oklahoma
Average monthly rent for a two-bedroom apartment: $964
Average yearly rent for a two-bedroom apartment: $11,568
Minimum salary needed to rent a two-bedroom apartment: $38,560
Oregon
Average monthly rent for a two-bedroom apartment: $1,422
Average yearly rent for a two-bedroom apartment: $17,064
Minimum salary needed to rent a two-bedroom apartment: $56,880
Pennsylvania
Average monthly rent for a two-bedroom apartment: $1,286
Average yearly rent for a two-bedroom apartment: $15,432
Minimum salary needed to rent a two-bedroom apartment: $51,440
Rhode Island
Average monthly rent for a two-bedroom apartment: $1,453
Average yearly rent for a two-bedroom apartment: $17,430
Minimum salary needed to rent a two-bedroom apartment: $58,100
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South Carolina
Average monthly rent for a two-bedroom apartment: $1,180
Average yearly rent for a two-bedroom apartment: $14,160
Minimum salary needed to rent a two-bedroom apartment: $47,200
South Dakota
Average monthly rent for a two-bedroom apartment: $900
Average yearly rent for a two-bedroom apartment: $10,800
Minimum salary needed to rent a two-bedroom apartment: $36,000
Tennessee
Average monthly rent for a two-bedroom apartment: $1,102
Average yearly rent for a two-bedroom apartment: $13,218
Minimum salary needed to rent a two-bedroom apartment: $44,060
Texas
Average monthly rent for a two-bedroom apartment: $1,274
Average yearly rent for a two-bedroom apartment: $15,288
Minimum salary needed to rent a two-bedroom apartment: $50,960
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Utah
Average monthly rent for a two-bedroom apartment: $1,290
Average yearly rent for a two-bedroom apartment: $15,480
Minimum salary needed to rent a two-bedroom apartment: $51,600
Virginia
Average monthly rent for a two-bedroom apartment: $1,549
Average yearly rent for a two-bedroom apartment: $18,588
Minimum salary needed to rent a two-bedroom apartment: $61,960
Washington
Average monthly rent for a two-bedroom apartment: $1,672
Average yearly rent for a two-bedroom apartment: $20,064
Minimum salary needed to rent a two-bedroom apartment: $66,880
West Virginia
Average monthly rent for a two-bedroom apartment: $906
Average yearly rent for a two-bedroom apartment: $10,872
Minimum salary needed to rent a two-bedroom apartment: $36,240
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Wisconsin
Average monthly rent for a two-bedroom apartment: $1,178
Average yearly rent for a two-bedroom apartment: $14,136
Minimum salary needed to rent a two-bedroom apartment: $47,120
Wyoming
Average monthly rent for a two-bedroom apartment: $1,011
Average yearly rent for a two-bedroom apartment: $12,126
Minimum salary needed to rent a two-bedroom apartment: $40,420
Methodology: For this piece, GOBankingRates used ApartmentList’s 2-bedroom rent data for February 2024 to find each state’s (1) average monthly 2-bedroom rent and (2) average yearly 2-bedroom rent. GOBankingRates then used the 50/30/20 rule to determine the minimum salary needed to “afford” 2-bedroom rent in every state. All data was collected and up to date as of June 24, 2024.
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This article originally appeared on GOBankingRates.com: The Salary You Need To Afford To Rent a 2-Bedroom in Every State
