HOUSTON, July 15 (Xinhua) -- Rental costs in Houston is less than most big cities in the United States, according to a recent review by financial website SmartAsset.
It takes an annual income of nearly 47,000 U.S. dollars to afford a two-bedroom apartment priced at 1,088 U.S. dollars, said the report. The numbers are based on how much a person needs to earn so that the rent is no more than 28 percent of a person's income.
Yet it is still not affordable for some people as the average Houston resident earned just under 26,000 U.S. dollars, according to U.S. Census data cited by SmartAsset.
Among 15 cities examined, only Phoenix and Detroit were more affordable than Houston. Phoenix residents needed 41,057 U.S. dollars to afford the average apartment rental at U.S. dollars 958 a month.
San Francisco was the most expensive city, requiring an income of 179,529 U.S. dollars to afford a 4,189 U.S. dollars two-bedroom unit. New York was second on the ranking list.
