8 U.S. cities where you need to earn at least $100,000 to live comfortably
CBSN
With home prices near a record high and mortgage rates remaining elevated, renting a place to live around the U.S. is today considered a better alternative to buying. But here's the catch: Rents are surging, too.
Zillow calculates that renters need at least $80,000 in annual income to comfortably afford the typical apartment rental — up from $60,000 in 2020. And if you want to live in a larger urban area, apartment hunters now need to earn $100,000 or more to live in Boston, Los Angeles, Miami, New York, San Diego, San Francisco and San Jose, while even modestly sized Riverside, California, requires six figures for people to keep their heads above water, according to the real estate firm.
"Today renters need to make six figures to afford the typical rental in eight major metropolitan areas —twice as many as before the pandemic," said Kara Ng, senior economist at Zillow. "That means renters have less money in their budgets for essentials like groceries and transportation, or for saving for a down payment."
