10 least affordable places to rent

By Christine DiGangi/Credit.com

In most of the country, you can afford a median-priced home if you make the median household income in that area. That is completely untrue in San Francisco. Just meeting the mortgage payments on a median-priced home in San Francisco County (assuming a 10 percent down payment), would take 101 percent of the median household income. Yep: 101 percent of $75,604 just to cover the mortgage payments, according to a rental property analysis by RealtyTrac.

Renting is a much better option in that area, but it's still going to require a large chunk of your income. That's the case in several large cities, particularly coastal ones. RealtyTrac analyzed home price data, fair-market rental prices for three-bedroom properties (as determined by the U.S. Department of Housing and Urban Development) and median incomes reported by the Bureau of Labor Statistics in the 461 most populous counties in the country.

Here are the least affordable counties for renters, based on that data.

• How renting can impact your credit
• How to get your free annual credit reports
• What happens to your credit when you buy a home?

Hernando County, Florida

Metropolitan Statistical Area: Tampa

2015 percent of median income needed to rent a 3-bedroom property: 42%

Percent of median income needed to own a median-priced home: 17%

Median household income: $41,024

Feb. 2015 unemployment rate (most recent available): 7.2%

St. Louis County, Missouri

Metro area: St. Louis

Percent of median income needed to rent: 42%

Percent of median income needed to own: 28%

Median household income: $58,910

Unemployment rate: 5.7%

​Los Angeles County, California

Metro area: Los Angeles

Percent of median income needed to rent: 42%

Percent of median income needed to own: 61%

Median household income: $55,909

Unemployment rate: 7.7%

​Broward County, Florida

Metro area: Miami

Percent of median income needed to rent: 43%

Percent of median income needed to own: 23%

Median household income: $51,251

Unemployment rate: 5.2%

​San Francisco County, California

Metro area: San Francisco

Percent of median income needed to rent: 44%

Percent of median income needed to own: 101%

Median household income: $75,604

Unemployment rate: 3.8%

​Miami-Dade County, Florida

Metro area: Miami

Percent of median income needed to rent: 45%

Percent of median income needed to own: 34%

Median household income: $43,100

Unemployment rate: 5.4%

​Kings County, New York

Kings County, New York

Metro area: New York

Percent of median income needed to rent: 48%

Percent of median income needed to own: 96%

Median household income: $46,085

Unemployment rate: 7.4%

​Philadelphia County, Pennsylvania

Metro area: Philadelphia

Percent of median income needed to rent: 48%

Percent of median income needed to own: 19%

Median household income: $37,192

Unemployment rate: 7.3%

​Baltimore City, Maryland

Metro area: Baltimore

Percent of median income needed to rent: 49%

Percent of median income needed to own: 14%

Median household income: $41,385

Unemployment rate: 8.4%

​Bronx County, New York

Metro area: New York

Percent of median income needed to rent: 69%

Percent of median income needed to own: 80%

Median household income: $34,388

Unemployment rate: 9.8%

Advice

High rent is a byproduct of a high-demand market, and it's sometimes cheaper to live in a suburban area of such markets. Still, rent is only one aspect of living expenses, so when you're researching where to live, factor in things like transportation, food costs and your commute.

Whether you decide to buy or rent, make sure you check your credit first -- property managers are often more willing to rent to applicants with good credit, and good credit can make it easier and cheaper to set up utility services, as well. (You can get your credit scores for free every month on Credit.com to see where you stand).