Do high rent prices equal a high median income in the same state? Not necessarily, according to data from Truth in Accounting’s State Data Lab and Zillow. As of 2013, the national average rent per month was $1,180, and the national average for median household income was $52,654.
The highest rent in the nation by far was New York state, coming in at an average of $2,578 per month--more than double the national average. However, this is not to say that New York’s median household income was exceptionally high to match; rather, it came in at just barely above the national average. Conversely, South Dakota reported one of the lowest rent averages in the country, yet also a higher median income than New York state. New York’s rent more than tripled South Dakota’s state average, despite comparable median incomes.
Where does your state rank in rent and income? Find out here with the State Data Lab’s charting tool!