is a bit higher<\/a>, at $54,212 for the typical family. This 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>\nSome of our key findings this year include:<\/strong>
\n<\/p>\n\n- Of the zip codes we had data for, 35% had median 2-bedroom rents exceeding half of the median household income. <\/strong>\n<\/li>\n
- The median rent for a two-bedroom in Miami is $1,750 per month, and will require $70,000 to secure. That\u2019s over 150% of the Miami-Dade County median household income.\n<\/li>\n
- Opa-Locka remained one of the cheapest neighborhoods (independent of household income), year over year, albeit with a noticeable increase in the 2-bedroom median rent (+$200 year compared to last year).\n<\/li>\n
- The zip code 33156 (Kendall) tops the affordability list, requiring only 23% of the annual household income<\/strong>. This is largely influenced, however, by the high median household income ($100,531) relative to the median 2-bedroom rental price ($1,925). <\/li>\n
- Rental prices are quickly outpacing income growth. With new developments potentially on the horizon (e.g. Eastside Ridge<\/a>), one can imagine that the trend of unaffordable housing will continue.\n<\/li>\n
- It should come as no surprise that the most expensive neighborhoods to rent an apartment were near the coast in the Village of Key Biscayne (zip code: 33149), Miami Beach (zip code: 33139), and Midtown Miami (zip code: 33137). In the Village of Key Biscayne, median rent for 2-bedrooms hover around $4,238 per month, requiring $169,500 per year in household income.\n<\/li>\n<\/ul>\n
<\/p>\n
The 40x Rule<\/strong><\/h3>\n<\/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 be 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>\nThere 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>\nSo how much DO<\/b> you need to live in a Miami neighborhood?<\/p>\nThe Map Below Shows Income Required for a 2-Bedroom Apartment in Miami<\/strong><\/h2>\n
