The salary you need to afford rent in every state, ranked

Hillary Hoffower

June 27, 2019 3:14 PM

Irina Klyuchnikova/Shutterstock

51. Renters in West Virginia need to make at least $35,520 to pay for housing.

Renters have their work or wallets cut out for them.
GoBankingRates recently revealed the salary renters need to afford rent for a median-priced, single-family home in every US state.
In some states, renters need to earn as much as $100,000. Only four states have a median rent less than $1,000.
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Being a renter these days isn't fun.

Business Insider previously reported that rent is soaring across the US. A study by GoBankingRates found that most renters across the country show signs of spending too much on living costs.

But just how much should you plan to shell out for rent? The answer depends on where you live.

GoBankingRates revealed how big your annual salary needs to be to afford rent in every US state , including Washington, DC. To determine the list, they used the budgeting rule of thumb that one should spend no more than 30% of their annual income on housing .

GoBankingRates then found the median rent for a single-family residence in each state using the Zillow Rent Index, and calculated how much annual income one needs in order for rent costs to equal less than 30%.

The five states where you need to earn the most money to afford rent are all coastal and you need to earn six figures to rent in the top two, California and Washington, DC. Meanwhile, the five states where you need the lowest salary to pay rent are in the South or Midwest. Four of these are the only states on the list with a median rent less than $1,000, meaning one can earn less than $40,000 and still afford rent.

From Florida to New York, see the salary you need to afford rent in every state, ranked from lowest to highest. These figures are updated as of June 2019.

See the rest of the story at Business Insider