What It Looks Like to Rent on a $40,000 Salary In These US Cities
How Much Can You Realistically Afford to Pay in Rent?
In the United States, a salary of $40,000 per year puts one in the low-end of the middle-income class. And, in 2017, approximately 12.3% of Americans fell within that bracket. This means, there are a lot of Americans trying to make ends meet with that type of salary, especially when it comes to making their rent.
On average, Americans who earn a $40,000 salary make $3,333 per month before taxes. To get approved for a rental, most landlords and property managers require their tenants to have monthly incomes double or triple the amount of rent.
So, on this salary, this means the most one will get approved is a rental that costs $1,667 per month (2X) or $1,111 (3X). Here, we share what it looks like to rent in ten cities across the United States on a $40,000 salary.
In Philadelphia, there is a good variety of apartments, condos, and homes available for rent if you earn $40,000 per year. For example, in the city’s Hunting Park section, you can rent this renovated three-bedroom house for $1,550 per month. It’s just a 15-minute walk from Hunting Park Station and just a 15-minute drive from Center City Philadelphia. It also has plenty of restaurants and other amenities within short walking distance.
For something a little more affordable, you’ll find plenty of rentals in Philly priced under $1,200 per month, most of which are of the studio or one-bedroom varieties, but this two-bedroom apartment in Philadelphia’s Wynnefield Heights neighborhood is just $920 per month.
Boston has a lot of rentals and earning $40k per year will qualify you to rent a good selection of them but there is certainly more to choose from if you want to spend between $1,300 and $1,700 per month. For example, this two-bedroom rental is spacious with a large modern kitchen and hardwood floors, and it costs $1,350 per month.
Boston also has homes available for rent, like this 1,200 square-foot home in West Roxbury. It offers two bedrooms, an office, an attic and basement for storage, and a one-car driveway. You can rent this great home for $1,700 per month, which is at the high-end of what someone who earns $40k can afford.
San Diego, California
You may think that $40,000 per year is no way near what you need to be able to afford a rental in San Diego, but the reality is, the city has plenty of options available, but most will be closer to the high-end of what you can afford.
You can still rent a room in a large home here for under $1,200 a month if you’re patient and look around. This private house is a good example. Located in San Diego’s trendy Uptown neighborhood, this home has a room for rent for just $1,125 per month. It is close to the city, offers plenty of room, and it has a beautiful garden. Last, your roommates are vetted and handpicked for security.
Meanwhile, for $1,600 per month in San Diego, you can enjoy living in this 731 square-foot two-bedroom, two-bath condo close to San Diego State.
Minneapolis is a city that is very accommodating to those who earn $40,000 per year because the rental market remains affordable. There’s a good selection of rentals for under $1,000 per month, like this one-bedroom oversized apartment in the Brooklyn Park neighborhood for just $885. It is close to walking trails, the Twin Cities, and more.
If your budget allows for you to rent at the higher end of the spectrum, then this apartment in the quiet Plymouth neighborhood might be right for you. It has two-bedrooms and two-baths and it places you both in the beauty of Minnesota’s nature and close to restaurants, shops, and other amenities, and it costs $1,581 per month.
Orlando is popular among renters because it has a lot to pick from and the rates are still pretty affordable there. In fact, you will have no problem of finding apartments priced under $1,000 per month in the Orlando area. You can get one-, two-, or three-bedroom apartment at this community and the highest your rent will be is $779 per month, which is excellent for someone making a $40k salary.
If you want to rent a home in Orlando, you can do that too and still be within your budget. This single-family home in the Wood Glen Straw Ridge neighborhood has three bedrooms, two baths, and 1,421 square-feet of living space, making it perfect for a family moving to Orlando.
In Boise, Idaho, a salary of $40k can provide you with several rental options to pick from, including single-family homes. This spacious two-bed, two-bath fourplex in the West Valley neighborhood has rentals ranging from $895 to $925 per month. Rentals come with private patios and all kitchen appliances included.
Meanwhile, in Southwest Boise City, you can rent this recently built four-bedroom, three-bathroom single-family home. It has everything you need for you and your family, including a whopping 1,513 square-feet of living space.
Find the Right Rental for You at Homes.com
If you earn a $40,000 salary, there are more rental options out there for you than you might think. Use Homes.com and you can narrow down your rental search based on your unique budget. Just tell us how much you want to spend per month, and we’ll provide you with a complete list of rentals that meet your criteria. Finding your next rental is just that easy.