Denver Among Top 10 U.S. Cities With Highest Income Needed To Pay Rent

From CBS Denver:

By Audra Streetman

August 11, 2020

DENVER (CBS4) – As the COVID-19 pandemic drags on, many Coloradans are struggling to cover expenses including rent. A new study by personal finance website SmartAsset ranks Denver among the top 10 U.S. cities with the highest income needed to pay for a two-bedroom rental.

The income needed to pay rent in Denver without being housing-cost burdened is about $82,300, according to the study. The U.S. Department of Housing and Urban Development defines cost-burdened as a household that spends more than 30% of its annual income on rent or mortgage payments.

According to the study, the average two-bedroom monthly rent in Denver was roughly $1,900 for Jan. 2020 through April 2020. Researchers determined the average rent using data from the rental platform Zumper.

Read more at CBS Denver