This week in obvious and depressing Miami real estate news, it turns out you probably can’t afford to live in any of the Miami neighborhoods where people actually work and play. The folks over at RentHop have compiled data on Miami rents versus average neighborhood income over the last year and the results are not entirely surprising.
Time for some math!
The median household income for Miami-Dade County is $45,935. According to RentHop, the median rent for a two-bedroom in Miami is $1,750 per month and will require an income of $70,000 to secure. That is more than 150% of the median household income. Not great news for many 305 bank accounts.
Neighborhoods like Opa-Locka and Kendall top RentHop’s affordability list. The most expensive areas to rent were coastal chunks of Miami Beach, Midtown and the Village of Key Biscayne, where median rent for a two-bedroom is a staggering $4,238 per month, which means you’ll need to make about $169,500 per year to afford it.
Bummed out yet? If not, go ahead and take a look at this interactive map that’ll show you how much income you’ll need to afford different Miami zip codes. The closer to red, the tougher it’ll be to afford. You can read the rest of RentHop’s findings here.
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