Phoenix is a bargain for renters, at least by one metric. Residents of Phoenix must work an average of nearly 60 hours a month to pay the rent, according to a new study by SmartAsset. Among the 15 metros the company examined, Phoenix was No. 13, just ahead of Columbus, Ohio, and Indianapolis.
The report found the median monthly gross rent in the Phoenix market is $884/month, while the estimated hourly wage is $14.97. That means residents need to work, on average, 59.1 hours/month to cover their rent.
Cities in California mostly topped the list, with L.A. first (87.7 hours), followed by San Jose, at 84 hours. New York City renters need to work an average of 79.7 hours/month to make the rent.
