""A general rule of thumb is that rent should not exceed 30% of the median income. This ensures that renters can comfortably afford their housing without sacrificing other essential living expenses.""
""On average, people living in the 31 cities listed below spend about 18.5% of their income on rent, lower than the 23.46% across all measured cities.""
""In the most expensive cities in the study, including Miami, Detroit, and Newark, renters can spend up to 33.8% of their income on rent.""
A WalletHub study ranked 182 US cities based on average rent as a percentage of income. Rent should ideally not exceed 30% of median income. On average, renters in the surveyed cities spend 18.5% of their income on rent, lower than the overall average of 23.46%. In cities like Miami, Detroit, and Newark, renters can spend up to 33.8% of their income. Cities such as South Burlington and Chesapeake have lower percentages, around 20% or less, making them more affordable for renters.
Read at www.businessinsider.com
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