ALBUQUERQUE, N.M. (KRQE) – A new study by Apartment Guide highlighted the 50 largest cities in the United States and how much money you would need to make annually to afford to pay rent there. Albuquerque came in at 38 on the list, in between Fresno, CA, and Fort Worth, TX.
The study looked at average rent prices between July 2021 and July 2022 of one- and two bedroom apartments in each city and gauged how much a person would have to make annually if they were to spend no more than 30% of their income on housing. According to the study, the average price for rent in Albuquerque is $1,429, so they calculated that people would need to be making $57,166 to afford to live there. From 2021 to 2022, they found there was a 16.76% increase in average rent costs for Duke City.
New York City, unsurprisingly, came in with the highest salary at $254,040. The average rent for New York was calculated at $6,351. Boston was next with the second-highest average rent of $4,700 and a needed salary of $188,009. The interesting find is the difference in city populations; New York City has 8.3 million people and Boston with 692,600.
The study says rental data was taken from Apartment Guide’s multifamily rental property inventory. The population data came from current U.S. Census Bureau population estimates.