There is a standard rule in personal finance that you should not spend more than 30 percent of your income on housing. If you do, you're considered to be a "cost-burdened" renter.
The rule might not seem difficult to adhere to, but the reality of sky-high rental prices make it nearly impossible, and according a 2016 report from Harvard University, the number of cost-burdened renters is at an all-time high.
Cities like New York and San Francisco are squeezing professionals especially hard. The typical renter in the Big Apple ends up spending an incredible 67 percent of their income on housing, according to a report by real estate listing company Street Easy. Facebook engineers in San Francisco have even resorted to asking CEO Mark Zuckerberg for help.
If you're a professional looking to save money, a new report by LinkedIn and real estate listing company Zillow provides a glimmer of hope. The report analyzed median salary, rent and tax data in . to determine which cities provide the best opportunities to employees looking to stick to a budget.
Here are the five cities that leave you with the most disposable income:
5. Houston, TX
Percent of income professionals take home after rent and taxes: 53.3%
4. Indianapolis, IN
Percent of income professionals take home after rent and taxes: 53.5%
3. Tampa, FL
Percent of income professionals take home after rent and taxes: 53.6%
2. Nashville, TN
Percent of income professionals take home after rent and taxes: 53.6%*
*While this is the same percentage as professionals in Tampa, the report ranked Nashville as No. 2 since salaries there were slightly higher.
1. Pittsburgh, PA
Percent of income professionals take home after rent and taxes: 55.3%
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