MIAMI (WSVN) - An annual report on home rentals has revealed the ideal hourly wage needed to comfortably rent a two-bedroom apartment in each state in the country.
The 2021 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 $24.82 an hour for a yearly salary of $51,619 in order to comfortably afford a two-bedroom home. The report calculates the fair market price of a two-bedroom home at $1,290.
However, according to the report, it is recommended that South Florida residents earn even more.
Miami-Dade residents are recommended to earn $29.83 an hour for an annual salary of $62,040 to afford rent for a two-bedroom home at a fair market rate of $1,551. This number has gone down from the NLIHC’s 2020 report, where it was recommended that Miami-Dade residents earn $31.25 an hour to pay for a two-bedroom home at $1,625.
In Broward County, it is recommended that residents earn $29.04 an hour for a yearly salary of $60,400 to afford a two-bedroom home at a fair market rate of $1,510. In 2020, the number was $29.38 an hour for a yearly salary of $62,040 to afford a two-bedroom apartment at $1,528.
In Monroe County, it is recommended that residents earn $33.54 an hour for an annual salary of $69,760 to comfortably afford a two-bedroom apartment at a fair market rate of $1,744. In 2020, that number was at $33.23 an hour for a yearly salary of $69,120 to afford a two-bedroom apartment for $1,728.
According to the report, the most expensive state to live in would be California where residents must make $39.03 an hour for an annual salary of $81,191 to comfortably afford a two-bedroom apartment at a fair market rate of $2,030. The least expensive state was Arkansas, where residents need to make $14.60 an hour for an annual salary of $30,372 to afford a two-bedroom home at a fair market rate of $759.
The full report for Florida can be viewed below.
For more information, click here. To view the full report for the United States, click here.
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