…I guess I won’t be moving to any of these metropolitan areas any time soon.
Unless my sugar daddy comes along.
We’re just talking about living at the two-bedroom apartment level, and it ain’t cheap:
In San Francisco, America’s most expensive city, workers need a $216,129 salary to not feel burdened by the cost of renting the average two-bedroom apartment at $5,043-a-month.
Households that spend more than 30 per cent of their income on housing and utility bills are considered ‘cost-burdened households’, based on a threshold set by The Department of Housing and Urban Development.
In the new report by SmartAsset, a 28 per cent rent-to-income ratio was used to determine how much money households need to afford a two-bed apartment in the largest U.S. cities without feeling ‘cost-burdened’…
[In San Franciso,] [t]he median household income in the city is still only $78,378.
That’s household income, too, which often includes the income of two people.
New York is the second most expensive place to live – with workers needing to earn a salary of $158,229 to make the cost of renting a two-bed apartment at $3,692-a-month affordable…
In Los Angeles you need a $145,629 salary to not feel burdened by the average cost of renting a two-bed at $3,398…
The fourth most expensive place to live is Boston, Massachusetts.
You’ll need a $120,900-a-year salary to find the average Boston apartment with a couple of bedrooms affordable at $2,821 per month.
Of course, it depends what you mean by “city.” You can live within commuting distance of some of those cities for less, but it also depends on what you consider “commuting distance.” For San Francisco, you have to get many hours away before things get at all reasonable, and they’re still not especially reasonable.