COLORADO SPRINGS (KXRM) — Most people living in Colorado Springs would not be shocked to hear how drastically the cost of rent has risen recently, but new data suggests workers need to earn more than $68,000 a year just to afford the average rent in the city.

According to data from ApartmentGuide.com, the cost of renting an average apartment in Colorado Springs is $1,701, a 31.99% increase year over year. In order to fall under the 30% rule – only spending 30% or less of your income on rent – you would need to make $68,035 a year.

Unsurprisingly, Colorado Springs does not rank high on the list of most expensive rents in the nation. New York, NY, for example, as the most expensive city in the country, requires a whopping $254,040 yearly salary in order to afford the average apartment. Oakland, San Francisco, Los Angeles, and many other cities on the West Coast land in the top 10, with the necessary salaries to afford rent coming in over $150,000 a year.

On the flip side is Wichita, KS, which not only has the cheapest rent of the top 50 largest cities, but of any city with a population over 50,000. It’s the only city among the top 50 biggest where you don’t need to earn more than $40,000 a year to afford an average apartment. 

In fact, you don’t even need to earn $30,000. A yearly salary of just $28,741 will afford you an average rent. However, the research from ApartmentGuide suggests that even with the cheapest rent in the nation – averaging just $719 a month – rent actually rose 24.74% from this time in 2021. 

Apartments under construction in Colorado Springs: Pikes Peak Regional Building said there are currently 8,967 apartment units under construction, including unfinished projects from 2019-2022.

Colorado Springs does fall in the top 30 cities with the highest salary needed to rent, coming in at number 29. Which is not comforting for the average worker in Colorado Springs, when the U.S. Census Bureau shows median household income for the city of Colorado Springs sits at just $67,719.

This is not to suggest that anyone making under $68,035 a year can’t live in Colorado Springs, it simply means that most people in the city are spending more than 30% of their income on rent. In fact, data from QuoteWizard shows 50% of people in Colorado Springs spend more than 30% on rent, leaving less for utilities, food, necessities, healthcare, and transportation.