10 Most Expensive States to Rent a Home in the USA

When it comes to the home renting versus buying debate, there is no one-size-fits-all answer. In some cities, renting costs less than buying, and in others, renting can be unaffordable. According to the 'Out of Reach' report by the National Low Income Housing Coalition, renting in some places would require an individual to work over 100 hours a week to afford rent on a modest two-bedroom home. They also revealed the most expensive places for rentals and what their required hourly wage or how many hours of minimum wage work it would take to afford the rent.  

The report found that in California, someone needs to make $42.25 per hour to afford a two-bedroom home. Alternatively, they would need to work a whopping 109 hours if they only earned minimum wage. 

The second most expensive state to rent in? Hawaii. There ar person needs to earn $41.83 per hour to cover the rent of a two-bedroom. Or, on minimum wage, they would need to work 139 hours a week.

Massachusetts, New York, Washington, DC, New Jersey, Colorado, Connecticut, and Maryland round out the top ten list of the most expensive places to rent. 

"In only seven percent of counties nationwide, not including Puerto Rico, can a full-time minimum-wage worker afford a one-bedroom rental home at fair market rent. These counties are in states with a minimum wage higher than the federal minimum wage of $7.25 per hour," the report states 

"While higher minimum wages are necessary, they alone will not solve the housing affordability crisis. Sixty-six counties and municipalities have minimum wages higher than the federal or, where applicable, state minimum wage, but in each of these jurisdictions, the local minimum wage falls short of the local one-bedroom and two-bedroom Housing Wages."

According to the survey, the least expensive states to rent are Arkansas, West Virginia, and Mississippi. However, to comfortably afford rent people in those states needed to make more than minimum wage.