How Much Do You Need to Afford Rent in Miami, FL?
Income needed for the average 2BR rent under the 30% rule
Renters here are cost-burdened in Miami, FL
The average 2-bedroom rent ($2,329/mo) takes 38% of the local median household income ($73,481/yr). Above 30% is considered cost-burdened.
| To afford $2,329/mo rent (30% rule) | You need |
|---|---|
| Annual salary | $93,160 |
| Monthly income | $7,763 |
| Hourly wage (full-time) | $44.79/hr |
| Local median household income | $73,481 |
| Rent as % of that income | 38% |
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.