Renting With an Average Salary in the U.S.

Experts have said for decades, and even today, that rent/housing should not exceed more than 30% of your income. But finding something to rent that fits in that budget has only gotten harder over the last few years as house prices have soared and affordability has tanked.

According to a new study from the SavingSpot blog, a CashNetUSA company, there are 3.9 million fewer affordable rental homes than there were 11 years ago in 2013. In addition, low vacancy rates have been exacerbated by the record-low number of houses for sale. A recent report from Moody’s Analytics found that for the first time in over 20 years, the average American now pays more than 30% for their home.

Since both wages and rental rates vary from city to city, it may be easier to find an affordable home in one location than another. By balancing local average salaries against local average rental prices, CashNetUSA has determined the affordability of renting in over 200 key U.S. metropolitan areas. They can now present the 20 cities with the highest and lowest proportion of affordable housing and the 20 cities where the average earner can get the most and least space for their money.

Key highlights from the report include:

Hartford, Connecticut, is the U.S. city with the most affordable rental properties: 96.77% of rental properties are available for 30% or less of the average local salary.

Miami, Florida, is the U.S. city with the least affordable rental properties: just 7.77% are available for 30% or less.

Renters on the average wage in Montgomery, Alabama, get the most space for their money: 1,359 square feet on average.

Renters in Santa Ana, California, get the least space for the average wage: 473 sq ft on average.

Click here to see the complete list from the source.