MIAMI (WSVN) - An annual report on home rentals has revealed the ideal hourly wage needed to afford rent in each state in the country, and the outlook is grim.
The 2020 Out of Reach report published by the National Low Income Housing Coalition shows how much a person would need to make per hour, working full-time, in order to afford a two-bedroom apartment without spending more than 30 percent of their income.
Overall, it is recommended that a Florida resident make $24.43 an hour for a yearly salary of $50,807 in order to comfortably afford a two-bedroom home. The report calculates the average price of a two-bedroom home at $1,270.
However, according to the report, it is recommended that South Florida residents earn even more.
Miami-Dade residents are recommended to earn $31.25 an hour for an annual salary of $65,000 to afford rent for a two-bedroom home at $1,625. This number has gone up from the NLIHC’s 2019 report, where it was recommended that Miami-Dade residents earn $27.96 an hour to pay for a two-bedroom home at $1,454.
In Broward County, it is recommended that residents earn $29.38 for a yearly salary of $61,120 to afford a two-bedroom home at $1,528. In 2019, the number was $27.77 an hour for a yearly salary of $57,760 to afford a two-bedroom apartment at $1,444.
According to the report, the most expensive state to live in would be Hawaii where residents must make $38.76 an hour to afford a two-bedroom apartment. The least expensive state is Arkansas, where residents need to make $14.19 an hour.
The report for Florida can be viewed below.
For more information, click here. To view the full report for the United States, click here.
Copyright 2024 Sunbeam Television Corp. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.