Here’s the salary you need to comfortably rent a two-bedroom apartment in Detroit
Rent has certainly gone up in Detroit over the past few years, and while it’s nowhere near the astronomical costs of many coastal cities (New York, Boston, SF, LA), it’s still comparable to many Midwestern cities.
A new study from SmartAsset determined how much someone would need to make to rent a two-bedroom apartment in 15 big cities. They used HUD’s guideline that states those who pay more than 30% of their income on rent are housing cost-burdened. SmartAsset decided that to comfortably afford rent, they’d use a 28% guideline for this report. They then found data from RentCafe on average rent prices in cities across the U.S.
Detroit came in at #14 on the list, with an average rent for a two-bedroom coming in at $1,087, making the “comfortable” salary $46,586.
The cost of rent within the city fluctuates quite a bit depending on location; downtown, Midtown, Corktown, and the Villages often have some of the higher rents, while neighborhoods in many other areas are much lower.
The study found ten cities in California where you would need to make over $100,000 a year in order to afford the average two-bedroom apartment.