An annual report on home rentals has revealed the ideal hourly wage needed to comfortably rent a two-bedroom apartment in each state in the country.

The 2021 Out of Reach report published by the National Low Income Housing Coalition shows how much a person would need to make per hour, working full-time, in order to afford a two-bedroom apartment without spending more than 30 percent of their income.

Overall, it is recommended that a Florida resident make $24.82 an hour for a yearly salary of $51,619 in order to comfortably afford a two-bedroom home. The report calculates the fair market price of a two-bedroom home at $1,290.

However, according to the report, it is recommended that South Florida residents earn even more.

Miami-Dade residents are recommended to earn $29.83 an hour for an annual salary of $62,040 to afford rent for a two-bedroom home at a fair market rate of $1,551. This number has gone down from the NLIHC’s 2020 report, where it was recommended that Miami-Dade residents earn $31.25 an hour to pay for a two-bedroom home at $1,625.

In Broward County, it is recommended that residents earn $29.04 an hour for a yearly salary of $60,400 to afford a two-bedroom home at a fair market rate of $1,510. In 2020, the number was $29.38 an hour for a yearly salary of $62,040 to afford a two-bedroom apartment at $1,528.

In Monroe County, it is recommended that residents earn $33.54 an hour for an annual salary of $69,760 to comfortably afford a two-bedroom apartment at a fair market rate of $1,744. In 2020, that number was at $33.23 an hour for a yearly salary of $69,120 to afford a two-bedroom apartment for $1,728.

According to the report, the most expensive state to live in would be California where residents must make $39.03 an hour for an annual salary of $81,191 to comfortably afford a two-bedroom apartment at a fair market rate of $2,030. The least expensive state was Arkansas, where residents need to make $14.60 an hour for an annual salary of $30,372 to afford a two-bedroom home at a fair market rate of $759.

From WSVN, article is at https://wsvn.com/news/us-world/report-south-florida-residents-need-to-make-between-29-04-to-33-54-an-hour-to-comfortably-afford-rent/