Can You Afford To Live In Miami? Interactive Map Says 'Probably Not'

According to the most recent Census, average household income for Miami-Dade County residents clocks in at $43,786. Broward County is just a bit higher, at $53,926.

RentHop looked at the median asking rents of two-bedroom apartments and calculated the required household income, comparing it to the median household income in both Miami-Dade and Broward. 

Rents for the year leading up to June 1 ranged from nearly $1,340 a month in West Park(99 percent of the income-rent ratio) to $12,000 a month on Fisher Island (1,096 percent of the income-rent ratio in Miami-Dade, or $480,000 a year).

Other pricey neighborhoods included South Pointe and La Gorce – both in Miami Beach. On the more affordable end were Oakland Park and Sunrise.

RentHop used the 40x Rule --  meaning the household income must be at least 40 times the monthly rent. 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.

They mapped their findings out in an interactive map: 

Opa-Locka, Model City, and South Miami Heights ranked most affordable in Miami-Dade County, with two-bedrooms available for $1,200 per month or lower. 

However, this is still more than the typical family can afford, pointing to the larger issue of housing unaffordability that is common is cities across the country.


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