In fact, some leasing offices will even check your pay stubs to make sure you’re not overextending yourself before you sign that lease. In theory, this is a great idea.
But this formula falls into the “easier said than done” category, because as rents continue to rise, salaries struggle to keep up.
Case in point: On average, an American household needs to earn at least $21.21 per hour to afford a modest, two-bedroom apartment without spending more than 30 percent of their income on rent, according to the National Low Income Housing Coalition (NLIHC).
But because location so heavily influences rental rates, there are some extremes.
For example, you’d have to earn almost $31 per hour in California to afford a two-bedroom rental, according to the map and study from the NLIHC that looked at rental rates in 2016.
On the lower end of the scale, you’d need to earn $14.49 per hour in West Virginia to afford a two-bedroom apartment.
Here’s where things get tough. The federal government mandates a nationwide minimum wage of $7.25 per hour.
To afford a one-bedroom rental unit, when factoring in the 30 percent rule, a renter would need to earn at least $17.14 per hour. That means she would need to work 94.5 hours per week.
In addition, the rental market is tight. Thirty-six percent of U.S. households opted to rent in 2015 — the largest share since the late 1960s, according to the most recent report from the Joint Center of Housing Studies at Harvard University.
The demand for low-cost rentals far exceeds the supply that’s available. Harvard cites a study from the National Low Income Housing Coalition that showed there were only 31 affordable rental units available for every 100 extremely low-income renters.
What You Need To Earn On A State-By-State Basis
Here is the hourly wage that a household must earn in order to afford the “fair market rent” for a two-bedroom rental unit without having to hand over more than 30 percent of their income.
These numbers assume you work for 40 hours a week and 52 weeks a year.
You can also check out this map, which shows how many hours per week minimum wage workers need to log in order to afford rent in a one-bedroom apartment. Some shockers? You’d have to work 124 hours per week in Hawaii, 106 in Maryland, 105 in New Jersey, and 101 in New York. (For context, each week contains 168 hours.)
RELATED: This map shows the largest bank in every state
Where on the scale does your state stand?
Alabama
Hourly wage needed for a two-bedroom apartment: $14.78
State minimum wage: None
Alaska
Hourly wage needed for a two-bedroom apartment: $24.16
State minimum wage: $9.80
Arizona
Hourly wage needed for a two-bedroom apartment: $17.56
State minimum wage: $10
Arkansas
Hourly wage needed for a two-bedroom apartment: $13.72
State minimum wage: $8.50
California
Hourly wage needed for a two-bedroom apartment: $30.92
State minimum wage: $10 or $10.50, depending on size of company
Colorado
Hourly wage needed for a two-bedroom apartment: $21.97
State minimum wage: $9.30
Connecticut
Hourly wage needed for a two-bedroom apartment: $24.72
State minimum wage: $10.10
Delaware
Hourly wage needed for a two-bedroom apartment: $21.62
State minimum wage: $8.25
District of Columbia
Hourly wage needed for a two-bedroom apartment: $33.58
State minimum wage: $12.50
Florida
Hourly wage needed for a two-bedroom apartment: $20.68
State minimum wage: $8.15
Georgia
Hourly wage needed for a two-bedroom apartment: $16.79
State minimum wage: $5.15
Hawaii
Hourly wage needed for a two-bedroom apartment: $35.20
State minimum wage: $9.25
Idaho
Hourly wage needed for a two-bedroom apartment: $14.65
State minimum wage: $7.25
RELATED: This Map Shows The Largest Company In Each State
Illinois
Hourly wage needed for a two-bedroom apartment: $20.87
State minimum wage: $8.25
Indiana
Hourly wage needed for a two-bedroom apartment: $15.17
State minimum wage: $7.25
Iowa
Hourly wage needed for a two-bedroom apartment: $14.57
State minimum wage: $7.25