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

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

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