Income Needed to Rent Comfortably in Raleigh & 49 U.S. Cities - Page 22

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How Much Income Do You Need to Rent Comfortably in Raleigh?

The cost of renting in the U.S. continues to rise, and many Americans are wondering just how much they need to earn to live comfortably. According to a recent report by Zillow, the average American renter now needs to earn $80,949 per year to afford a standard rental property. That’s a big jump from just five years ago, when renters needed around $60,000 annually. But how does Raleigh stack up against other cities when it comes to renting? If you’ve been considering a move or are curious about Raleigh’s affordability, you’ll be pleased to know the City of Oaks offers a balance of reasonable costs and a high quality of life.

Raleigh’s Affordability Compared to Other Cities

For renters in Raleigh, you’ll need an annual income of $70,451 to rent comfortably, based on Zillow’s “Observed Rent Index” (ZORI). This is well below what residents of cities like New York City ($144,960) or San Jose ($136,532) need to earn. Even compared to other growing cities in the Southeast, Raleigh holds its own as a more affordable option. Atlanta renters, for example, require $76,745 annually, and Charlotte sits slightly higher at $72,091. Raleigh may not be the cheapest city on the list, but it certainly stands out as manageable when you consider its strong job market, burgeoning tech industry, and vibrant local culture. Top 5 Least Affordable Cities for Renters New York City, NY Annual Income Needed: $144,960 San Jose, CA Annual Income Needed: $136,532 Boston, MA Annual Income Needed: $127,007 San Francisco, CA Annual Income Needed: $124,267 San Diego, CA Annual Income Needed: $122,810 Living in any of these cities comes with perks, but the cost of renting can feel overwhelming for many residents.

Raleigh vs. Other Affordable Cities

While Raleigh isn’t the cheapest city on the list, it’s far from the most expensive. Compared to nearby cities like Virginia Beach, where renters need $71,908 annually, Raleigh’s costs remain competitive. Among similar midsize cities further west, like Denver ($78,862) or Salt Lake City ($69,881), Raleigh provides a more approachable figure for renters looking to live comfortably. For additional context, consider the cities ranking just below Raleigh in affordability: Austin, TX Annual Income Needed: $68,840 Richmond, VA Annual Income Needed: $68,307 Houston, TX Annual Income Needed: $67,731 These cities share characteristics similar to Raleigh, such as growing economies and expanding populations, yet Raleigh holds its appeal with a unique mix of lower average rent and Southern charm.

Why Raleigh Stands Out as a Great Place to Rent

Raleigh has long been known as a gem of the Southeast, blending cutting-edge industries with a friendly, small-town feel. Its affordability is just the beginning of what makes this city an attractive place to live.

Thriving Job Market

Raleigh is part of North Carolina’s famous Research Triangle, a hub for technology, pharmaceuticals, and higher education. With major employers such as IBM, Cisco, and Red Hat, many jobs in Raleigh offer competitive salaries that can help offset rising rental costs.

High Quality of Life

Raleigh offers a wealth of green spaces, family-friendly neighborhoods, and cultural activities. Parks like Pullen Park and Umstead State Park provide opportunities to connect with nature, while its growing food scene is putting the city on the culinary map. For those who work remotely, Raleigh’s mix of coworking spaces and coffee shops make it easy to stay productive in style.

A Growing Yet Manageable Market

Although Raleigh is rapidly expanding, it hasn’t yet reached the saturation levels seen in cities like Austin and Denver. Rent is on the rise here too, up 31% since 2020, but the city remains a more affordable option than many metros experiencing similar growth.

A Look at Rent Across Time

It’s important to acknowledge how rental costs have climbed, amplifying the challenge of affordable housing for many Americans. Raleigh’s 31% rent increase since 2020 reflects the pressures felt nationwide, though it remains in line with regional trends. This rapid increase is a result of several factors, including steady population growth and limited housing supply in desirable areas. While Raleigh continues to strive for balance, these figures highlight the importance of calculating expenses carefully when considering a move or planning your budget.

Is Raleigh Right for You?

Choosing a city to call home involves more than just crunching numbers. However, Raleigh’s relatively affordable rental market paired with its booming economy, rich culture, and livable pace make it an appealing choice for many. Whether you’re a young professional looking for career opportunities or a family seeking a welcoming community with excellent schools, Raleigh offers something for everyone. It’s no wonder the city has ranked consistently among the top places to live in the U.S. If you’re considering making the move or want to learn more about Raleigh’s rental options, start exploring today. You just might find your perfect balance of cost and quality of life right here in North Carolina.   Here’s a list of how Raleigh stacks up with the rest of the country.

1. New York City, NY

Income Needed: $144,960

ZORI: $3,624

Rate of Change Since 2020: 24.8%

2. San Jose, CA

Income Needed: $136,532

ZORI: $3,413

Rate of Change Since 2020: 13.0%

3. Boston, MA

Income Needed: $127,007

ZORI: $3,175

Rate of Change Since 2020: 26.8%

4. San Francisco, CA

Income Needed: $124,267

ZORI: $3,107

Rate of Change Since 2020: 9.3%

5. San Diego, CA

Income Needed: $122,810

ZORI: $3,070

Rate of Change Since 2020: 40.8%

6. Los Angeles, CA

Income Needed: $118,958

ZORI: $2,974

Rate of Change Since 2020: 28.3%

7. Miami, FL

Income Needed: $109,962

ZORI: $2,749

Rate of Change Since 2020: 54.4%

8. Riverside, CA

Income Needed: $102,722

ZORI: $2,568

Rate of Change Since 2020: 45.6%

9. Washington D.C.

Income Needed: $97,179

ZORI: $2,429

Rate of Change Since 2020: 24.4%

10. Sacramento, CA

Income Needed: $94,002

ZORI: $2,350

Rate of Change Since 2020: 30.7%

11. Seattle, WA

Income Needed: $90,840

ZORI: $2,271

Rate of Change Since 2020: $90,840

12. Providence, RI

Income Needed: $87,829

ZORI: $2,196

Rate of Change Since 2020: 51.2%

13. Chicago, IL

Income Needed: $87,428

ZORI: $2,186

Rate of Change Since 2020: 31.1%

14. Tampa, FL

Income Needed: $86,301

ZORI: $2,158

Rate of Change Since 2020: 52.0%

15. Orlando, FL

Income Needed: $81,789

ZORI: $2,045

Rate of Change Since 2020: 37.5%

16. Denver, CO

Income Needed: $78,862

ZORI: $1,972

Rate of Change Since 2020: 22.8%

17. Hartford, CT

Income Needed: $77,119

ZORI: $1,928

Rate of Change Since 2020: 45.2%

18. Philadelphia, PA

Income Needed: $77,058

ZORI: $1,926

Rate of Change Since 2020: 29.0%

19. Atlanta, GA

Income Needed: $76,745

ZORI: $1,919

Rate of Change Since 2020: 36.3%

20. Baltimore, MD

Income Needed: $75,158

ZORI: $1,879

Rate of Change Since 2020: 29.6%

21. Nashville, TN

Income Needed: $74,739

ZORI: $1,868

Rate of Change Since 2020: 28.8%

22. Phoenix, AZ

Income Needed: $74,101

ZORI: $1,853

Rate of Change Since 2020: 35.9%

23. Portland, OR

Income Needed: $74,076

ZORI: $1,852

Rate of Change Since 2020: 24.2%

24. Charlotte, NC

Income Needed: $72,091

ZORI: $1,802

Rate of Change Since 2020: 35.8%

25. Las Vegas, NV

Income Needed: $72,060

ZORI: $1,801

Rate of Change Since 2020: 35.6%

26. Virginia Beach, VA

Income Needed: $71,908

ZORI: $1,798

Rate of Change Since 2020: 43.0%

27. Dallas, TX

Income Needed: $71,413

ZORI: $1,785

Rate of Change Since 2020: 28.6%

28. Raleigh, NC

Income Needed: $70,451

ZORI: $1,761

Rate of Change Since 2020: 31.0%

29. Salt Lake City, UT

Income Needed: $69,881

ZORI: $1,747

Rate of Change Since 2020: 34.2%

30. Jacksonville, FL

Income Needed: $69,670

ZORI: $1,742

Rate of Change Since 2020: 36.7%

31. Austin, TX

Income Needed: $68,840

ZORI: $1,721

Rate of Change Since 2020: 17.6%

32. Richmond, VA

Income Needed: $68,307

ZORI: $1,708

Rate of Change Since 2020: 40.2%

33. Houston, TX

Income Needed: $67,731

ZORI: $1,693

Rate of Change Since 2020: 23.4%

34. Minneapolis, MN

Income Needed: $67,714

ZORI: $1,693

Rate of Change Since 2020: 17.6%

35. New Orleans, LA

Income Needed: $66,141

ZORI: $1,654

Rate of Change Since 2020: 28.7%

36. Indianapolis, IN

Income Needed: $64,391

ZORI: $1,610

Rate of Change Since 2020: 41.6%

37. Cincinnati, OH

Income Needed: $63,444

ZORI: $1,586

Rate of Change Since 2020: 39.5%

38. Columbus, OH

Income Needed: $62,493

ZORI: $1,562

Rate of Change Since 2020: 36.9%

39. Kansas City, MO

Income Needed: $61,457

ZORI: $1,536

Rate of Change Since 2020: 38.7%

40. Detroit, MI

Income Needed: $59,873

ZORI: $1,497

Rate of Change Since 2020: 38.5%

41. Pittsburgh, PA

Income Needed: $59,274

ZORI: $1,482

Rate of Change Since 2020: 28.2%

42. Milwaukee, WI

Income Needed: $59,139

ZORI: $1,478

Rate of Change Since 2020: 32.6%

43. Memphis, TN

Income Needed: $58,761

ZORI: $1,469

Rate of Change Since 2020: 37.7%

44. San Antonio, TX

Income Needed: $58,590

ZORI: $1,802

Rate of Change Since 2020: 35.8%

45. Cleveland, OH

Income Needed: $58,497

ZORI: $1,462

Rate of Change Since 2020: 40.9%

46. Birmingham, AL

Income Needed: $57,428

ZORI: $1,436

Rate of Change Since 2020: 32.7%

47. St. Louis, MO

Income Needed: $57,104

ZORI: $1,428

Rate of Change Since 2020: 37.4%

48. Louisville, KY

Income Needed: $56,549

ZORI: $1,414

Rate of Change Since 2020: 35.7%

49. Oklahoma City, OK

Income Needed: $55,634

ZORI: $1,391

Rate of Change Since 2020: 33.4%

50. Buffalo, NY

Income Needed: $55,319

ZORI: $1,383

Rate of Change Since 2020: 38.9%