Image Credit: Thomas R Machnitzki / CC
By Samuel Stebbins, 24/7 Wall St. via The Center Square –
Personal finance advisors and columnists often recommend that no more than 25% to 30% of your take-home pay should go to your landlord. Based on this general rule of thumb, if your income is $40,000 a year, your monthly rent should not exceed $1,000 a month.
The report found that 43% of Memphis renters pay at least 35% of their income on housing – ranking the metro area one of only 16 among the 50 reviewed where more than 40% of renters are cost-burdened by housing.
All data in this story is from the 2022 report, U.S. Apartment Demand Through 2035, a 2022 report prepared by real estate consulting groups Hoyt Advisory Services and Eigen 10 Advisors.
| City | Households paying 35% or more of income on rent (%) |
|---|---|
| Miami | 53 |
| Riverside | 48 |
| Los Angeles | 47 |
| New Orleans | 47 |
| San Diego | 47 |
| Orlando | 45 |
| Sacramento | 44 |
| Tampa | 44 |
| Charleston | 43 |
| Memphis | 43 |
| New York | 43 |
| Albuquerque | 42 |
| Las Vegas | 42 |
| Philadelphia | 41 |
| Portland | 41 |
| Virginia Beach | 41 |
| Atlanta | 40 |
| Baltimore | 40 |
| Denver | 40 |
| Detroit | 40 |
| Houston | 40 |
| Richmond | 40 |
| San Antonio | 40 |
| Birmingham- | 39 |
| Boston | 39 |
| Chicago | 39 |
| Jacksonville | 39 |
| Milwaukee | 39 |
| Indianapolis | 38 |
| Phoenix | 38 |
| St. Louis | 38 |
| Washington DC | 38 |
| Austin | 37 |
| Cleveland | 37 |
| Dallas-Ft Worth | 37 |
| Little Rock | 37 |
| Nashville | 37 |
| San Francisco | 37 |
| Seattle | 37 |
| Charlotte | 36 |
| Cincinnati | 36 |
| Minneapolis | 36 |
| Oklahoma City | 36 |
| San Jose | 36 |
| Boise City | 35 |
| Kansas City | 35 |
| Raleigh | 35 |
| Salt Lake City | 35 |
| Columbus | 34 |
| Louisville | 34 |
