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According to the U.S. Department of Housing and Urban Development (HUD), a household that spends over 30% of its income on housing is considered “cost-burdened,” but the income needed to stay under that percentage varies greatly across big cities.
In a new study, SmartAsset uncovered the income needed to comfortably pay rent in the 25 largest U.S. cities and found that Nashville ranks smack dab in the middle for its required income. A household in Nashville would need to earn at least $57,343 to comfortably afford the fair market rent of a 2-bedroom apartment, which averages $1,338 a month.
The city’s median income is $3,000 less than the minimum income needed to pay the rent, which is a relatively small difference compared to other cities in our study. Plus, renting in Nashville is significantly cheaper than in cities like San Francisco and NYC, where a household must earn an additional $100,000 or more each year to avoid being housing cost-burdened.
Details on the study, including full methodology and the minimum income needed to comfortably afford a two-bedroom rental in other major cities, can be found here:https://smartasset.com/mortgage/income-needed-to-pay-rent-in-us-cit....