Here’s How Much You Need To Make to Comfortably Rent in the 15 Most Expensive Metro Areas in the US

Utica, NY Struggles With Poverty Rate Twice The National Average — UTICA, NY - MAY 14: A 'for rent' sign hangs in a window of an empty factory on May 14, 2012 in Utica, New York. Like many upstate New York communities, Utica is struggling to make the transition from a former manufacturing hub. The city's individual poverty rate is twice the national average with an unemployment rate of 9.8% as of February 2012. Citing Utica's weakening financial margins over the past two years, Fitch Ratings downgraded its credit rating on Utica by two notches to a triple-B, two rungs above junk territory. Spencer Platt/Getty Images

Renting has now become more affordable in the United States amid elevated mortgage rates and inflation---but in some places, renters would need to earn at least double the median wage to comfortably afford an apartment, a new analysis found.

Moody's Analytics released a report that analyzed the average rent costs in the most expensive metro areas across the US. The goal of the analysis was to determine the annual income needed to comfortably rent any type of unit. Moody's defines "comfortable" as spending only 30% of an individual's income to cover housing costs.

In some areas, the analysis found that individuals would have to earn at least twice the annual median salary of $59,228 to comfortably afford a rental.

Here's a look at the income needed to comfortably rent in 15 of the most expensive areas in the US, as ranked by Moody's.

1. New York City, New York

Average rent: $4,122

Income needed to live comfortably in 2024: $164,870

2. San Francisco, California

Average rent: $3,139

Income needed to live comfortably in 2024: $125,545

3. San Jose, California

Average rent: $3,012

Income needed to live comfortably in 2024: $120,486

4. Westchester, New York

Average rent: $2,945

Income needed to live comfortably in 2024: $117,804

5. Boston, Massachusetts

Average rent: $2,938

Income needed to live comfortably in 2024: $117,517

6. Oakland-East Bay, California

Average rent: $2,659

Income needed to live comfortably in 2024: $106,377

7. Long Island, New York

Average rent: $2,521

Income needed to live comfortably in 2024: $100,857

8. Northern New Jersey

Average rent: $2,477

Income needed to live comfortably in 2024: $99,084

9. Orange County, California

Average rent: $2,472

Income needed to live comfortably in 2024: $98,861

10. Fairfield County, Connecticut

Average rent: $2,441

Income needed to live comfortably in 2024: $97,636

11. Santa Cruz-Watsonville, California

Average rent: $2,393

Income needed to live comfortably in 2024: $95,704

12. Los Angeles

Average rent: $2,376

Income needed to live comfortably in 2024: $95,038

13. San Diego

Average rent: $2,355

Income needed to live comfortably in 2024: $94,201

14. Miami

Average rent: $2,241

Income needed to live comfortably in 2024: $89,658

15. Seattle

Average rent: $2,240

Income needed to live comfortably in 2024: $89,607