Washington July 13 (IANS) A six-figure annual income is needed to afford an "average" two-bedroom apartment in the five largest cities of the US a personal finance company said.
In an annual report on Wednesday SmartAsset searched 15 major cities and estimated how much residents need to earn in order to afford a two-bedroom apartment reports Xinhua news agency.
Rent prices were pulled from RENTCafe s January 2017 report. Researchers say no more than 28 per cent of income should be spent on housing a threshold set by the US Census Bureau to avoid being "cost-burdened".
San Francisco topped the list with $179 529 in required annual income more than $15 000 ahead of second place New York City at $164 614.
Boston Los Angeles and Washington followed New York with $135 686 $109 543 and $103 543 respectively.
Despite the high cost of living in San Francisco only 31 per cent of households make more than 150 000 dollars per year.
According to SmartAsset Atlanta ($53 914) Dallas ($51 600) and Houston ($46 629) are much more affordable for renters.
--IANS
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