The rule of thumb on how much a person should budget for rent is 25% to 30% of monthly income. But due to inflation in property values and surging demand, affordable housing is increasingly becoming a pipe dream in some states.
Colorado is among the most expensive rental markets in the country, where a person must make an average of $6,197 a month to rent, according to cost estimating site HowMuch.net.
In California, the richest state in the U.S. based on gross domestic product, the monthly income to afford renting a house is $8,313 followed by Hawaii at $7,806 and New York at $7,223.
