A household needs to earn $143,800 annually to rent an average two-bedroom apartment in Boston without the monthly cost becoming excessively burdensome.
That is according to a new analysis from research site SmartAsset, which looked at leasing costs in the nation’s 25 largest cities in terms of not spending more than 28 percent of monthly income on rent. From the analysis:
Boston, the nation’s 22nd-largest city by population takes third. We estimate that to cover rent on the average two-bedroom apartment, which according to our research costs nearly $40,300 per year, a renter will need an income of $143,800.
Given that the city’s median household income is $63,600, according to Census Bureau estimates, well... you get the picture. A decent market-rate two-bedroom remains a stretch for most in Boston.
Only in San Francisco and New York City do households have to make more than in Boston to afford that decent market-rate two-bedroom, according to SmartAsset.