Yahoo Finance The Salary You Need To Afford Rent in Every State
A common rule of thumb is to spend less than 30% of your salary on housing costs. The U.S. Department of Housing and Urban Development considers anyone spending more than 30% “cost burdened.” However, many Americans — especially renters — show signs that they’re living beyond their means. For example, they let rent eat up their paychecks and use credit cards to pay for other expenses.
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Of course, how much you need to earn to afford rent depends a lot on where you live. GOBankingRates examined the median rent for single-family residences in every state, and calculated the monthly and yearly income needed to have monthly rent consume 30% or less of the total income to determine the salary you’ll need to afford rent.
See the income you’ll need based on where you live. Or, start looking for a place that more closely aligns with what you’re pulling in.
Alabama
Median rent: $1,251
Monthly income needed: $4,170
Annual income needed: $50,040
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Alaska
Median rent: $1,470
Monthly income needed: $4,900
Annual income needed: $58,800
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Arizona
Median rent: $1,597
Monthly income needed: $5,323
Annual income needed: $63,880
Arkansas
Median rent: $1,036
Monthly income needed: $3,453
Annual income needed: $41,440
California
Median rent: $2,531
Monthly income needed: $8,437
Annual income needed: $101,240
Colorado
Median rent: $1,887
Monthly income needed: $6,290
Annual income needed: $75,480
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Connecticut
Median rent: $1,926
Monthly income needed: $6,420
Annual income needed: $77,040
Delaware
Median rent: $1,602
Monthly income needed: $5,340
Annual income needed: $64,080
Florida
Median rent: $1,934
Monthly income needed: $6,447
Annual income needed: $77,360
Georgia
Median rent: $1,611
Monthly income needed: $5,370
Annual income needed: $64,440
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Hawaii
Median rent: $2,512
Monthly income needed: $8,373
Annual income needed: $100,480
Idaho
Median rent: $1,557
Monthly income needed: $5,190
Annual income needed: $62,280
Illinois
Median rent: $1,866
Monthly income needed: $6,220
Annual income needed: $74,640
Indiana
Median rent: $1,234
Monthly income needed: $4,113
Annual income needed: $49,360
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Iowa
Median rent: $1,166
Monthly income needed: $3,887
Annual income needed: $46,640
Kansas
Median rent: $1,187
Monthly income needed: $3,957
Annual income needed: $47,480
Kentucky
Median rent: $1,218
Monthly income needed: $4,060
Annual income needed: $48,720
Louisiana
Median rent: $1,197
Monthly income needed: $3,990
Annual income needed: $47,880
Maine
Median rent: $1,851
Monthly income needed: $6,170
Annual income needed: $74,040
Maryland
Median rent: $1,810
Monthly income needed: $6,033
Annual income needed: $72,400
Massachusetts
Median rent: $2,714
Monthly income needed: $9,047
Annual income needed: $108,560
Michigan
Median rent: $1,280
Monthly income needed: $4,267
Annual income needed: $51,200
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Minnesota
Median rent: $1,504
Monthly income needed: $5,013
Annual income needed: $60,160
Mississippi
Median rent: $1,258
Monthly income needed: $4,193
Annual income needed: $50,320
Missouri
Median rent: $1,235
Monthly income needed: $4,117
Annual income needed: $49,400
Montana
Median rent: $1,560
Monthly income needed: $5,200
Annual income needed: $62,400
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Nebraska
Median rent: $1,215
Monthly income needed: $4,050
Annual income needed: $48,600
Nevada
Median rent: $1,499
Monthly income needed: $4,997
Annual income needed: $59,960
New Hampshire
Median rent: $1,975
Monthly income needed: $6,583
Annual income needed: $79,000
New Jersey
Median rent: $2,236
Monthly income needed: $7,453
Annual income needed: $89,440
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New Mexico
Median rent: $1,342
Monthly income needed: $4,473
Annual income needed: $53,680
New York
Median rent: $2,639
Monthly income needed: $8,797
Annual income needed: $105,560
North Carolina
Median rent: $1,526
Monthly income needed: $5,087
Annual income needed: $61,040
North Dakota
Median rent: $1,046
Monthly income needed: $3,487
Annual income needed: $41,840
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Ohio
Median rent: $1,219
Monthly income needed: $4,063
Annual income needed: $48,760
Oklahoma
Median rent: $989
Monthly income needed: $3,297
Annual income needed: $39,560
Oregon
Median rent: $1,711
Monthly income needed: $5,703
Annual income needed: $68,440
Pennsylvania
Median rent: $1,660
Monthly income needed: $5,533
Annual income needed: $66,400
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Rhode Island
Median rent: $1,992
Monthly income needed: $6,640
Annual income needed: $79,680
South Carolina
Median rent: $1,555
Monthly income needed: $5,183
Annual income needed: $62,200
South Dakota
Median rent: $1,105
Monthly income needed: $3,683
Annual income needed: $44,200
Tennessee
Median rent: $1,470
Monthly income needed: $4,900
Annual income needed: $58,800
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Texas
Median rent: $1,451
Monthly income needed: $4,837
Annual income needed: $58,040
Utah
Median rent: $1,611
Monthly income needed: $5,370
Annual income needed: $64,440
Vermont
Median rent: $1,936
Monthly income needed: $6,453
Annual income needed: $77,440
Virginia
Median rent: $1,875
Monthly income needed: $6,250
Annual income needed: $75,000
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Washington
Median rent: $1,983
Monthly income needed: $6,610
Annual income needed: $79,320
West Virginia
Median rent: $1,246
Monthly income needed: $4,153
Annual income needed: $49,840
Wisconsin
Median rent: $1,462
Monthly income needed: $4,873
Annual income needed: $58,480
Wyoming
Median rent: $1,119
Monthly income needed: $3,730
Annual income needed: $44,760
Methodology: GOBankingRates calculated the salary needed to afford rent in every state by using the budget rule of thumb that says to keep housing costs at 30% or less of your income. GOBankingRates found the median rent in each state, sourced from RentCafe, and worked backward to find the monthly income needed to have monthly and yearly rent consume 30% or less of income. All data was collected and is up to date as of Feb. 15, 2024.
This article originally appeared on GOBankingRates.com: The Salary You Need To Afford Rent in Every State
