Here's How Much Income You Need To Afford Rent In Boston
BOSTON (CBS) – Looking to rent in Boston? It helps if you're bringing home a six-figure salary, according to a new analysis.
SmartAsset, a personal finance company, ranks Boston as the fourth-most expensive place to rent in the country. They calculate that in order to afford a two-bedroom apartment in the city, a household should be making at least $120,900 a year.
The average Boston apartment costs $2,821 a month, SmartAsset determined. A 28 percent rent-to-income ratio was used to come up with a corresponding yearly salary.
If that's out of your price range, SmartAsset recommends looking to nearby cities like Lowell, where an income of only $59,143 is needed to make rent comfortably.
As expensive as Boston seems, it's nothing compared to San Francisco, which takes the top spot for pricey rental cities. A yearly income of $216,129 is needed to afford an apartment there.
