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Can You Afford to Rent?

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How much do you need to make per hour to afford the median rent where you live? $10 per hour? $15 per hour? According to a Zillow Rentals analysis, in most places it is much, much more than that, especially in many major U.S. cities.

If you’re dreaming of spending your days in tropical Maui, Hawaii, you’ll need to make sure you have a high-paying job to support the $46 per hour minimum wage needed to live there. If you don’t, you may find yourself doing more couch surfing than wave surfing.

Published in: Real Estate
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Can You Afford to Rent?

  1. 1. Can You Afford to Rent? Q 26 The minimum hourly wage a single earner must make to afford the median rent in the city. Boston $50 Chicago $34 Dallas $25 Las Vegas $24 Los Angeles $49 Miami $40 New York $44 Philadelphia $24 San Francisco $79 Seattle $44 Q r Jackson, WY $30 Sandpoint, ID $22 Park City, UT $46 South Lake Tahoe, CA $30 Vail, CO $53 Bend, OR $30 Washington, DC will require a i minimum wage § 1&0 - —-4 Cupertino, CA will require a $86 minimum wage l/ lenlo Park, CA will require a $103minimum wage and Atherton, CA will require a $193 minimum wage. That's the most expensive in California! Fisher Island, FL at Using the Zillow Rent Index and the assumption that a maximum of 30 percent of pre-tax income should be spent on rent, Zillow calculated the annual income necessary to afford the median rental in a given area. Then, assuming that the renter would work 40 hours per week with two weeks of unpaid vacation per year, Zillow calculated the hourly wage required to pay the rent.

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