The 20 most expensive US cities for renters and how much money you need to make to afford to live there

The rental market is cooling down after a 20-month surge that happened in response to waning buyer demand, but prices are still out of reach for many in the US' most expensive cities.

The study was done by Apartment Guide. If you want to rent an average-priced apartment in the most expensive U.S. cities, you'd need to earn at least twice as much as most Americans, according to a new study. The maximum percentage of one's income they should spend on housing is referred to as the 30% rule.

In July, the median apartment rent in the US went up to about $1,770 for a one-bedroom unit. It works out to more than 30% of pre-tax pay for Americans earning the national median income. Other cost of living pressures are increasing for Americans.

Rents fell in 27 of the 40 largest metropolitan areas in the US in August. The year before they were up 7.1%.

The average person needs to make $254,040 to afford a $6,351 monthly rent in New York City, making it the most expensive market for renters. The only city to clear the $5,000 mark for a month's rent was New York. Rents in the city increased by more than $1,000 per month.

Oakland, Los Angeles, San Diego, and San Francisco all require $150,000-plus salaries from renters in order to stay below the 30% threshold.

The researchers found that out of the 10 most expensive cities, eight require twice the annual median income to keep rents at 30%.

The most expensive cities in the US are listed below.