Renters in the District rightfully complain about the high cost of housing in the city, but now Nested, a London-based online real estate brokerage, has developed a 2017 Rental Index that compares rents for a single person and a family of four in cities around the globe.
D.C. ranks as the fourth most expensive city for renters in the United States (behind San Francisco, New York and Boston) and the seventh most expensive city for renters globally.
The study compared current rental listings with minimum recommended living space and the minimum salary required to pay the rent. According to this survey, no more than 29 percent of a household’s gross income should be spent on rent per month. The minimum amount of space used to calculate and compare rent-per-square-foot is a little small by American standards: 420 for a single person and 797 for four people.
Using those metrics, Washington renters would need an income of at least $57,670 to pay the average rent of $3.33 per square foot, or $1,398 for a 420-square-foot unit or a minimum of $109,756 to pay for an average rent for a family of four of $2,654.
In San Francisco, single renters would need an income of $85,985 and a family would need an income of $163,151 to pay the rent on an average apartment, which costs $4.95 per square foot.
The least costly city in the United States is Detroit, where single renters can afford an apartment with an income of $18,934 and a family needs an income of $35,926.
For the full details on the study, visit nested.com/research/rental/2017/us.
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