What to Know
- South Florida residents need to make at least $54,000 a year in order to afford a two-bedroom, fair-market rental, according to a new study.
- The National Low Income Housing Coalition says on average, Floridians need to make $21.50/hour in order to afford a two-bedroom rental.
- In South Florida, the numbers are higher – and vary depending on the metropolitan area.
A new report is confirming what many South Florida renters have known for years.
Renting a two-bedroom apartment is expensive. So expensive, residents have to make at least $54,000 a year in order to afford it, according to the National Low Income Housing Coalition.
As a whole, Florida residents need to make $21.50 per hour in order to afford a fair-market, two-bedroom rental, the report said. The cost of a fair-market rental – including utilities – is $1,118 per month, the study determined. That averages out to an annual income of $44,716 across the state.
In South Florida, the numbers are higher – and vary depending on the metropolitan area.
Miamians need to make $25.98 per hour to afford a two-bedroom apartment at $1,351 per month – an annual salary of $54,040, the study said. Just north in Fort Lauderdale, residents need to make $26.67 per hour in order to afford a two-bedroom rental at $1,387 per month. Those living in Fort Lauderdale need to bring in $55,480 annually to afford that cost, according to the study.
Florida’s minimum wage is $8.25, and the average salary of a renter is $16.10.
The Sunshine State is the 16th most expensive state to rent a two-bedroom apartment, the report said. Hawaii is number one, where households have to make $36.13 per hour to afford it.
Click here to read the full report.