Ever wonder how the rent you’re paying for that one-bedroom apartment in Overland Park or the two-bedroom home in Shawnee compares with something comparable on either coast?
Check the Rental Index, a new report from Nested, a London-based online real estate firm. The company studied the price of renting per square foot in 10 major U.S. metros, and with several dozen cities worldwide.
The study also ran the numbers to show the minimum gross salary required to support an individual or family of four in rental properties, based on the minimum space recommended for one persona, and for four people.
The Kansas City area was not part of the survey.
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That said, the three most expensive cities to rent in both the U.S. and worldwide are San Francisco, at $4.95 per square foot; New York City, at $4.75 per square foot; and Boston, at $4.10.
For San Francisco, for example, that factors out to monthly rent for a single person of $2,078, or $3,943 for a family of four. To afford that rent, a single person would need to earn about $86,000 in gross income annually, or $163,151 if supporting a family, the study said.
The most affordable city for renters in the U.S. is Detroit, where a square foot costs $1.09, or $457 in monthly rent for a single person, or $868 for a family.
Other U.S. cities surveyed, with their rental cost per square foot: Washington D.C., $3.33; Seattle, $3.07; Los Angeles, $2.86; Miami, $2.84; Chicago, $2.49, and Houston, $1.49.
The price per square foot of property relied on current market listings in various locations.
Of course, these are just benchmark numbers, as other factors, such as location, amenities, and available units also weigh on rental prices.