More U.S. residents are scrambling to make ends meet as housing costs skyrocket and inflation continues to rise, according to a recent analysis by GoBankingRates.com.
The website used ApartmentList and Zillow statistics to calculate housing costs and pricing information for necessities like transportation, groceries and health care in 50 major metros in the U.S. to estimate what residents would need to earn to live affordably in those areas. And according to its report, residents of 13 U.S. cities must earn at least $100,000 a year to rent or own a home.The median salary in the 50 largest metropolitan areas falls short of what is needed to easily buy or rent a home in those areas. Three Florida cities are among the metros analyzed and the cities' median incomes are far below what is needed to purchase or rent in those areas.
To further exacerbate the affordability challenge, rising inflation continues to increase prices, making it difficult to make ends meet even in cities with low housing costs, indicates the report.
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