A $110K salary is needed to afford rent in the Miami area
You have to make nearly $110,000 per year to afford the typical monthly rent in the Miami metropolitan area, according to a new report.
Why it matters: That's about 54% higher than what a Miami-area household would have needed to earn five years ago, per the analysis from Zillow.
It's also about $10,000 more than the income needed to afford the typical rent nationwide, Zillow found.
What they did: Zillow assumed that rent should take up no more than 30% of household income — a common standard for calculating affordability.
Zoom in: By that measure, affording the typical Miami area-rent — which came in at $2,749 in April — requires an annual income of $109,962.
That's the seventh-highest income needed among the dozens of U.S. metros analyzed by Zillow.
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