Study Shows Nashville Renters Need Higher Income To Afford Rent
Image Credit: Bantosh / CC
The Tennessee Conservative [By Jason Vaughn] –
A recently released study places Nashville in the top 15 cities with the most income needed to afford the cost of rent.
The study, done by SmartAsset finance company, looked at the cost of renting in 25 of the largest cities in the United States. They report that it costs around $1741 a month for a two-bedroom rental in Nashville while the national average runs just slightly over at $1800 per month. Average rent for a one-bedroom is around $1657 a month.
According to the Department of Housing and Urban Development (HUD), rent should be less than 30% of an individual’s pre-tax income for it not to be cost-burdened. This means renters in Nashville need an income of $71,007 for a one-bedroom and $74,629 for a two-bedroom rental, based on SmartAsset’s study.
Nashville comes in 11th on the list for income needed to rent a one-bedroom apartment and 14th on the list for a two-bedroom, placing the city higher than other big cities like Phoenix, Houston, Detroit, and Philadelphia.
While these numbers may seem high, residents in some of the country’s largest cities like San Francisco and Los Angeles would need to bring in a six-figure salary to be able to comfortably afford rent in those areas.
