One popular rule of thumb says your rent should be about 30% of your gross income. But how realistic is that number if you’re living in any of America’s 50 largest cities? Renters don’t want to use up all of their salaries on housing, but the costs can be intimidating.
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Even though the average rent began to soften in 2023, the costs of living and average salaries in large cities have not made significant improvements for renters. In most of the cities with larger populations, their demand and supply for housing has increased the cost of rentals, further pushing the amount of salary Americans need to comfortably afford housing in those cities.
In this new study, GOBankingRates provides data on exactly how much salary you need to afford the average rent in America’s largest cities. This will provide more context for the salary range you’ll need to cover living in your location. Especially if you’re considering moving cities, it’s a good move to compare rent prices against your salary and be sure you can afford the rent.
Now, how much exactly do you need?
50. New York
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Total Population: 8,622,467
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2024 Monthly Rent: $3,429
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2024 Yearly Rent: $41,152
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Minimum Salary Needed to Afford Rent: $137,173
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Explore More: Here’s What the US Minimum Wage Was the Year You Were Born
49. Boston
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Total Population: 665,945
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2024 Monthly Rent: $3,266
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2024 Yearly Rent: $39,188
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Minimum Salary Needed to Afford Rent: $130,627
Discover More: How Much Household Income Will Be Considered Upper Middle Class in 5 Years?
48. San Francisco
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Total Population: 851,036
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2024 Monthly Rent: $3,259
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2024 Yearly Rent: $39,104
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Minimum Salary Needed to Afford Rent: $130,347
47. San Jose, California
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Total Population: 1,001,176
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2024 Monthly Rent: $3,117
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2024 Yearly Rent: $37,408
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Minimum Salary Needed to Afford Rent: $124,693
46. Miami
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Total Population: 443,665
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2024 Monthly Rent: $3,102
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2024 Yearly Rent: $37,225
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Minimum Salary Needed to Afford Rent: $124,083
45. San Diego
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Total Population: 1,383,987
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2024 Monthly Rent: $2,986
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2024 Yearly Rent: $35,829
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Minimum Salary Needed to Afford Rent: $119,431
44. Los Angeles
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Total Population: 3,881,041
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2024 Monthly Rent: $ 2,790
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2024 Yearly Rent: $33,485
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Minimum Salary Needed to Afford Rent: $111,617
43. Oakland, California
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Total Population: 437,825
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2024 Monthly Rent: $ 2,504
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2024 Yearly Rent: $30,053
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Minimum Salary Needed to Afford Rent: $100,177
42. Washington, DC
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Total Population: 670,587
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2024 Monthly Rent: $2,432
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2024 Yearly Rent: $29,182
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Minimum Salary Needed to Afford Rent: $97,272
41. Long Beach, California
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Total Population: 462,293
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2024 Monthly Rent: $2,248
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2024 Yearly Rent: $26,976
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Minimum Salary Needed to Afford Rent: $89,922
Explore More: A $150K Income Is ‘Lower Middle Class’ In These High-Cost Cities
40. Seattle
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Total Population: 734,603
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2024 Monthly Rent: $2,189
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2024 Yearly Rent: $26,265
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Minimum Salary Needed to Afford Rent: $87,550
39. Chicago
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Total Population: 2,721,914
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2024 Monthly Rent: $2,107
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2024 Yearly Rent: $25,278
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Minimum Salary Needed to Afford Rent: $84,260
38. Sacramento, California
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Total Population: 523,600
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2024 Monthly Rent: $2,073
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2024 Yearly Rent: $24,879
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Minimum Salary Needed to Afford Rent: $82,930
37. Denver
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Total Population: 710,800
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2024 Monthly Rent: $1,974
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2024 Yearly Rent: $23,691
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Minimum Salary Needed to Afford Rent: $78,969
Find Out: Here’s the Salary a Single Person Needs To Live Comfortably in Hawaii
36. Atlanta
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Total Population: 494,838
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2024 Monthly Rent: $1,942
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2024 Yearly Rent: $23,301
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Minimum Salary Needed to Afford Rent: $77,669
35. Bakersfield, California
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Total Population: 404,321
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2024 Monthly Rent: $1,937
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2024 Yearly Rent: $23,239
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Minimum Salary Needed to Afford Rent: $77,462
34. Nashville, Tennessee
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Total Population: 684,103
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2024 Monthly Rent: $1,878
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2024 Yearly Rent: $22,541
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Minimum Salary Needed to Afford Rent: $75,137
33. Virginia Beach, Virginia
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Total Population: 457,900
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2024 Monthly Rent: $1,863
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2024 Yearly Rent: $22,361
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Minimum Salary Needed to Afford Rent: $74,536
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32. Fresno, California
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Total Population: 541,528
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2024 Monthly Rent: $1,828
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2024 Yearly Rent: $21,933
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Minimum Salary Needed to Afford Rent: $73,110
31. Colorado Springs, Colorado
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Total Population: 479,612
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2024 Monthly Rent: $1,803
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2024 Yearly Rent: $21,635
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Minimum Salary Needed to Afford Rent: $72,118
30. Charlotte, North Carolina
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Total Population: 875,045
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2024 Monthly Rent: $1,761
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2024 Yearly Rent: $21,130
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Minimum Salary Needed to Afford Rent: $70,433
29. Portland, Oregon
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Total Population: 646,101
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2024 Monthly Rent: $1,738
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2024 Yearly Rent: $20,855
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Minimum Salary Needed to Afford Rent: $69,517
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28. Austin, Texas
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Total Population: 958,202
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2024 Monthly Rent: $1,729
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2024 Yearly Rent: $20,753
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Minimum Salary Needed to Afford Rent: $69,177
27. Las Vegas
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Total Population: 644,835
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2024 Monthly Rent: $1,726
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2024 Yearly Rent: $20,714
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Minimum Salary Needed to Afford Rent: $69,046
26. Philadelphia
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Total Population: 1,593,208
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2024 Monthly Rent: $1,716
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2024 Yearly Rent: $20,589
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Minimum Salary Needed to Afford Rent: $68,630
25. Dallas
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Total Population: 1,300,642
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2024 Monthly Rent: $1,713
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2024 Yearly Rent: $20,560
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Minimum Salary Needed to Afford Rent: $68,534
Read Next: In Less Than a Decade, You Won’t Be Able To Afford Homes in These ZIP Codes
24. Phoenix
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Total Population: 1,609,456
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2024 Monthly Rent: $1,704
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2024 Yearly Rent: $20,446
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Minimum Salary Needed to Afford Rent: $68,152
23. Fort Worth
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Total Population: 924,663
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2024 Monthly Rent: $1,696
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2024 Yearly Rent: $20,352
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Minimum Salary Needed to Afford Rent: $67,839
22. Mesa, Arizona
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Total Population: 503,390
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2024 Monthly Rent: $1,678
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2024 Yearly Rent: $20,131
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Minimum Salary Needed to Afford Rent: $67,102
21. Baltimore
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Total Population: 584,548
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2024 Monthly Rent: $1,675
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2024 Yearly Rent: $20,103
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Minimum Salary Needed to Afford Rent: $67,010
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20. Raleigh, North Carolina
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Total Population: 465,517
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2024 Monthly Rent: $1,666
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2024 Yearly Rent: $19,991
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Minimum Salary Needed to Afford Rent: $66,637
19. Arlington, Texas
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Total Population: 393,469
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2024 Monthly Rent: $1,621
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2024 Yearly Rent: $19,454
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Minimum Salary Needed to Afford Rent: $64,848
18. Jacksonville, Florida
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Total Population: 950,203
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2024 Monthly Rent: $1,616
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2024 Yearly Rent: $19,387
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Minimum Salary Needed to Afford Rent: $64,622
17. Minneapolis
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Total Population: 426,877
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2024 Monthly Rent: $1,615
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2024 Yearly Rent: $19,378
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Minimum Salary Needed to Afford Rent: $64,592
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16. Houston
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Total Population: 2,296,253
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2024 Monthly Rent: $1,582
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2024 Yearly Rent: $18,987
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Minimum Salary Needed to Afford Rent: $63,290
15. El Paso, Texas
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Total Population: 677,181
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2024 Monthly Rent: $1,510
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2024 Yearly Rent: $18,122
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Minimum Salary Needed to Afford Rent: $60,405
14. Tucson, Arizona
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Total Population: 541,033
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2024 Monthly Rent: $1,485
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2024 Yearly Rent: $17,824
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Minimum Salary Needed to Afford Rent: $59,413
13. Albuquerque, New Mexico
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Total Population: 562.551
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2024 Monthly Rent: $1,481
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2024 Yearly Rent: $17,824
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Minimum Salary Needed to Afford Rent: $59,413
Learn More: Here’s When To Buy a New House, According To Kevin O’Leary
12. Columbus, Ohio
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Total Population: 902,449
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2024 Monthly Rent: $1,420
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2024 Yearly Rent: $17,035
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Minimum Salary Needed to Afford Rent: $56,785
11. San Antonio, Texas
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Total Population: 1,445,662
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2024 Monthly Rent: $1,413
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2024 Yearly Rent: $16,961
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Minimum Salary Needed to Afford Rent: $56,538
10. Indianapolis
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Total Population: 882,006
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2024 Monthly Rent: $1,371
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2024 Yearly Rent: $16,453
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Minimum Salary Needed to Afford Rent: $54,842
9. Louisville, Kentucky
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Total Population: 629,176
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2024 Monthly Rent: $1,361
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2024 Yearly Rent: $16,329
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Minimum Salary Needed to Afford Rent: $54,430
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8. Kansas City, Missouri
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Total Population: 505,958
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2024 Monthly Rent: $1,359
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2024 Yearly Rent: $16,312
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Minimum Salary Needed to Afford Rent: $54,374
7. Omaha, Nebraska
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Total Population: 489,201
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2024 Monthly Rent: $1,309
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2024 Yearly Rent: $15,709
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Minimum Salary Needed to Afford Rent: $52,363
6. Milwaukee
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Total Population: 573,299
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2024 Monthly Rent: $1,295
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2024 Yearly Rent: $15,545
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Minimum Salary Needed to Afford Rent: $51,816
5. Memphis, Tennessee
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Total Population: 630,027
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2024 Monthly Rent: $1,279
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2024 Yearly Rent: $15,353
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Minimum Salary Needed to Afford Rent: $51,176
Find Out: Why Florida’s Retirees Are Fleeing — And Where They’re Going Instead
4. Detroit
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Total Population: 636,787
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2024 Monthly Rent: $1,270
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2024 Yearly Rent: $15,246
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Minimum Salary Needed to Afford Rent: $50,820
3. Oklahoma City
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Total Population: 681,088
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2024 Monthly Rent: $1,262
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2024 Yearly Rent: $15,143
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Minimum Salary Needed to Afford Rent: $50,477
2. Tulsa, Oklahoma
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Total Population: 411,938
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2024 Monthly Rent: $1,225
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2024 Yearly Rent: $14,702
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Minimum Salary Needed to Afford Rent: $49,006
1. Wichita, Kansas
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Total Population: 411, 938
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2024 Monthly Rent: $1,021
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2024 Yearly Rent: $12,256
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Minimum Salary Needed to Afford Rent: $40,852
Methodology: For this piece GOBankingRates first found the 50 largest cities in America according to total population as sourced from the 2022 American Community Survey as conducted by the US Census Bureau. With the 50 cities found, GOBankingRates then used Zillow’s March 2024 data to find each city (1) 2024 average monthly rent and (2) 2024 average yearly rent. GOBankingRates was then able to find (3) the minimum salary one needs to afford rent, assuming that housing should cost no more than 30% of one’s gross (pre-tax) income. All data was collected and up to date as of May 2, 2024.
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This article originally appeared on GOBankingRates.com: The Salary Needed To Afford Rent in America’s 50 Largest Cities
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