A $110K salary is needed to afford rent in the Miami area
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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 $30,000 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.
By the numbers: The median household income in Miami-Dade County was $68,694 in 2023 and $74,534 in Broward — well below what is needed to afford the typical monthly rent, per Zillow's analysis.
Editor's note: This story has been corrected to note the income needed to afford the typical rent in Miami is about $30,000 (not $10,000) more than the national figure, as shown in the chart.