In most metropolitan markets, especially expensive regions such as Southern California and South Florida, the vast majority of individual renters earning less than $15,000 per year are cost-burdened.īut these legitimate cost pressures aren’t everywhere. In a 2018 report, the Joint Center for Housing Studies of Harvard University found that nearly half of all renters are “cost-burdened” - basically, they’re forced to spend too much of their income on housing. High rents disproportionately impact people on the lower end of the income scale. That’s a tall order, even with the Bay Area’s relatively high incomes. If you follow the old rule of spending no more than 30% of your income on housing, you’d need to earn at least $134,280 per year to afford the average San Francisco apartment. How much does your apartment cost? Your answer is likely to vary - a lot - depending on where you live.Īccording to RentJungle, the average San Francisco apartment rented for $3,357 per month in August 2020.
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