How much should be earned to rent housing in each state: map
According to data from the SmartAssest financial website and from the US Bureau of Labor Statistics, millennials earn an average of just over $ 684 per week, or $ 2 736 per month. But in some of the more popular states of the country this is not enough for rental housing.
HowMuch.net calculated the average rental price for real estate in each state, using data from Zillow, and determined how much money a family would need to afford this rent. The researchers based their estimates on the recommendation that housing costs should not exceed 30 percent of your income.
Based on the data, here are the 10 places where you need to earn more to afford to rent an average home:
Washington
Monthly Income Required: 8 487 USD
California
Monthly Income Required: 8 313 USD
Hawaii
Monthly Income Required: 7 806 USD
New York
Monthly Income Required: 7 223 USD
Massachusetts
Monthly Income Required: 7 193 USD
New Jersey
Monthly Income Required: 6 717 USD
Colorado
Monthly Income Required: $ 6 197
Washington
Monthly Income Required: $ 5 993
Maryland
Required monthly income: 5 863 USD
Connecticut
Monthly Income Required: 5 590 USD
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