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Young professionals or job seekers looking for non-executive positions is never an easy task, especially when it comes to location. Housing has to be top of mind for these professionals because their monthly salary must meet the "three times the rent" income rule.
The National Low Income Housing Coalition recently released a report on the hourly pay needed to afford modest living state by state and the numbers are striking. California is the third highest housing wage, requiring an hourly wage of $32.68 in order to afford a two-bedroom rental home. In San Francisco, the minimum hourly wage needed to afford a two-bedroom apartment is $60 per hour, that’s $120,000 per year.
The cost of living is only continuing to skyrocket, especially in large metro cities. Mike Rosenberg breaks it down here:
Hourly pay needed to afford a 2-bedroom apartment, by metro area
San Francisco: $60 an hour
San Jose: $48
Oakland: $45
Honolulu: $39
Seattle: $36
DC: $34
NY: $34
Boston: $33
LA: $32
Denver: $27
Miami, Portland: $26
Here's the state-by-state breakdown:https://t.co/Kkixhb2gzL pic.twitter.com/mnBC6XgpSx— Mike Rosenberg (@ByRosenberg) June 13, 2018
The lack of affordable housing and an increase in cost of living in these metropolitan cities are pushing residents out. Business Insider reported that a Bay Area Council survey found that 46% of San Francisco Bay Area residents plan to leave the area soon, up from 40% last year. Real estate site, Redfin, recently found that San Francisco lost more residents than any other US city in the last quarter of 2017. The Bay Area is considered the nation’s tech capital but could lose top tech workers due to affordable living, even on a six-figure salary, according to the article.
All of this to say, affordable housing plays a significant role in the job market as more skilled professionals find work in affordable states such as Texas, Arizona and Nebraska.
GoBankingRates analyzed U.S. cities based off of their average annual income, median monthly rent and cost of annual necessities. Here’s what they came up with:
10. Charlotte, N.C.
- Average annual income: $86,922
- Median monthly rent: $1,344
- Cost of annual necessities: $23,249
9. Dallas
- Average annual income: $76,726
- Median monthly rent: $1,445
- Cost of annual necessities: $23,057
8. Tampa
- Average annual income: $80,121
- Median monthly rent: $1,344
- Cost of annual necessities: $23,035
7. Bakersfield, Calif.
- Average annual income: $76,673
- Median monthly rent: $1,353
- Cost of annual necessities: $22,632
6. Omaha, Neb.
- Average annual income: $74,125
- Median monthly rent: $1,324
- Cost of annual necessities: $21,779
5. Durham, N.C.
- Average annual income: $74,401
- Median monthly rent: $1,341
- Cost of annual necessities: $21,625
4. Phoenix
- Average annual income: $73,135
- Median monthly rent: $1,296
- Cost of annual necessities: $21,412
3. Lexington, Ky.
- Average annual income: $77,827
- Median monthly rent: $1,215
- Cost of annual necessities: $20,535
2. Kansas City, Mo.
- Average annual income: $69,301
- Median monthly rent: $1,092
- Cost of annual necessities: $19,756
1. Oklahoma City, Okla.
- Average annual income: $72,385
- Median monthly rent: $1,070
- Cost of annual necessities: $18,701
Here’s just a few available jobs in these affordable cities on HousingJobs.com:
- Stop Loss Underwriter for UnitedHealth Group in Omaha, NE
- Mortgage Loan Processor for PenFed Credit Union in Omaha, NE
- Residential Loan Officer for Fidelity Investments in Oklahoma City, OK
- Loan Officer for Lusk Mortgage Group in Kansas City, MO
- Real Estate Appraiser for Impact Valuation Group in Phoenix, AZ
