Cost of living has been on the rise since, well, the beginning of time. Unfortunately, it seems like income just never catches up. Median household income for Miami-Dade County according to the most recent Census ACS<\/a>\u00a0is just $43,786. Broward County is a bit higher<\/a>, at $53,926 for the typical family.\u00a0This means that 50% of the population make more than this, but also that 50% make less. If you\u2019ve been wondering where you can afford to live, RentHop\u2019s data science team has done the math for you.<\/p>\n To calculate what is and isn\u2019t affordable, we used the 40x rule. This is the rule of thumb for most landlords in pretty much every major city. This guideline says that the household income must\u00a0be at least 40 times the monthly rent<\/strong>. For example: if rent is $3,000 for a 2 bedroom, then you and your roommate must make at least $120,000 combined. This assumes your credit is solid and there are no other red flags.<\/p>\n There are exceptions to this rule: If you have vast savings or a guarantor whom makes 80 times the rent, a landlord is likely to let you slide without meeting the income requirements. It’s also not unheard of for a landlord to request last month’s rent in addition to the first month and security deposit for those with below average credit \/ income. Our “how much can I afford<\/a>” guide can give you a little more info on these rules and some ways to overcome them.<\/p>\n So how much DO you need to live in a Miami neighborhood?<\/p>\nThe 40x Rule<\/h2>\n
The Map Below Shows Income Required for a 2-Bedroom Apartment in Miami<\/h2>\n