The 10 US cities where residents must work the most hours to pay rent via CNBCMakeIt
Rents have increased for Americans nationwide. A report put average monthly rent for January at $1,420, a year-over-year increase of over 3 percent, and noted that, in 93 percent of the country's 250 largest cities, rents have gone up since 2018. Over the past 10 years, the average rent for a new apartment has gone up by 28 percent.
To get the average number of work hours needed to pay rent,"we divided average annual take-home pay by average hours worked per year," says SmartAsset."We then divided the monthly median rent by the average hourly wage." Pricey California dominates the list, with four cities in the top six. New York and Boston, where housing is also notoriously expensive, rank fourth and fifth.
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