A new study by ApartmentList.com has just been released that analyzes median rents in 100 of the largest U.S. cities and the minimum income required to afford them.
Their results were based on calculating the minimum gross income required to rent an average priced apartment in each city without surpassing the recommended 30% threshold, then comparing this income to the actual median household income for the same location.
Charlotte landed almost directly in the middle of the results at #54, just slightly more expensive than Dallas, TX and slightly less expensive than Glendale, AZ;
Their study also found that
- The actual median household income in Charlotte is $60,064. To rent a median-priced 2-bedroom in Charlotte, one will need an annual income of 44,960 to avoid becoming cost-burdened
- Hourly wage recommended to rent a median-priced 2-bedroom in Charlotte is $22/hour.
- The actual minimum wage in Charlotte is $7/hour.
What do you think about Charlotte’s rental prices?