LAS VEGAS (KTNV) — New data out by Realtor.com shows the average median income for renters across the U.S.
Financial planner Steve Budin crunched the numbers based on the national median, and said someone would have to be making between $75-80,000 a year to afford the rent.
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"The general rule of thumb is you should spend anywhere from 25-33% of your pay on housing costs," he explained.
In Las Vegas specifically, the median rent price is just over $1400. According to SmartAsset, the median income in Las Vegas is $78,000.
"It could be good news and bad news at the same time," Budin said.
He added, "The average rents are dropping, but you’re dropping them from a high number. So if you’re going back five years, they’re still elevated, but they’re lower than they were before. So in effect, the trend is good but we have to take a larger perspective into account."
This as many people are concerned about affordability for everyday items like gas and groceries.
"People are not able to afford things they were once able to afford," said Amy Joshua of Las Vegas.
But there is a silver lining when it comes to talking about paying your rent. Budin said it's important to try to negotiate with apartment complexes, because there's continued growth in the rental market and that means more competition. So there could be some wiggle room in what you end up agreeing to pay after signing a lease.
