How Much Do You Need to Afford Rent in Lake County, TN?
Income needed for the average 2BR rent under the 30% rule
Renters here are cost-burdened in Lake County, TN
The average 2-bedroom rent ($899/mo) takes 35% of the local median household income ($30,500/yr). Above 30% is considered cost-burdened.
| To afford $899/mo rent (30% rule) | You need |
|---|---|
| Annual salary | $35,960 |
| Monthly income | $2,997 |
| Hourly wage (full-time) | $17.29/hr |
| Local median household income | $30,500 |
| Rent as % of that income | 35% |
The 30% rule says housing should cost no more than 30% of gross income. The "housing wage" is the full-time hourly pay (2080 hrs/yr) needed to hit that. Rent is the HUD Fair Market Rent for a 2-bedroom; income is the Census median for the area.