How much you need to make to pay rent in the largest US cities

Seven of the top 10 cities require an income of $100,000 or more to pay 28% of their income on rent

Paying rent in the biggest U.S. cities is certainly no small matter -- and in many places, you might need to earn six figures.

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A new report from SmartAsset, published Tuesday, describes how much money you need to make in order to pay rent in the 25 largest U.S. cities without being “housing cost-burdened.”

Housing is considered a cost burden if a family pays more than 30% of their income, according to the U.S. Department of Housing and Urban Development.

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For its report, SmartAsset used data from Zumper, a rent listings company, to find the average rent on two-bedroom apartments in the 25 largest U.S. cities from January 2020 through April 2020.

The personal finance website then calculated how much renters would need to earn in each city so that they wouldn’t pay more than 28% of their income on rent. SmartAsset then ranked the cities based on the necessary income.

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Here are the 10 cities with the highest income necessary to pay rent without it being a cost burden, according to SmartAsset.

10. Chicago

Average 2-bedroom rent: $1,730

Income needed, assuming a 28% rent-to-income ratio: $74,156

9. Denver

Average 2-bedroom rent: $1,921.

Income needed, assuming a 28% rent-to-income ratio: $82,329.

8. Seattle

Average 2-bedroom rent: $2,290.

Income needed, assuming a 28% rent-to-income ratio: $98,162.

7. San Diego, California

Average 2-bedroom rent: $2,363.

Income needed, assuming a 28% rent-to-income ratio: $101,250.

6. Boston

Average 2-bedroom rent: $2,898.

Income needed, assuming a 28% rent-to-income ratio: $124,205.

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5. Los Angeles

Average 2-bedroom rent: $3,012.

Income needed, assuming a 28% rent-to-income ratio: $129,070.

4. San Jose, Calif.

Average 2-bedroom rent: $3,012.

Income needed, assuming a 28% rent-to-income ratio: $129,086.

3. Washington

Average 2-bedroom rent: $3,093.

Income needed, assuming a 28% rent-to-income ratio: $132,552.

2. New York

Average 2-bedroom rent: $3,287.

Income needed, assuming a 28% rent-to-income ratio: $140,853.

1. San Francisco

Average 2-bedroom rent: $4,545.

Income needed, assuming a 28% rent-to-income ratio: $194,796.

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