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South Florida residents need to make between $29.04 to $33.54 an hour to comfortably afford rent

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According to a new annual report on home rentalspublished by the National Low Income Housing Coalition shows how much a Florida resident 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 Mo 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.

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.

The full report for Florida can be viewed below.

For more information, click here. To view the full report for the United States, click here.