You Need to Earn $17.50 an Hour to Afford Rent for a Decent One-Bedroom Apartment in Miami

Categories: Unreal Estate

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Photo via Roberto Bowyer's Flickr | MNT Pool
Florida's minimum wage is $7.93 an hour, but you'd need to make almost $10 more an hour if you want to rent a one-bedroom apartment in Miami-Dade. A Washington Post analysis shows that based on average rental price for a one-bedroom apartment in Miami-Dade, you'd have to make at least $17.50 an hour in a full-time job in order to make rent.

See also: Miami Rents Are Wildly Unaffordable for Average Residents

In other words, you'd have to make at least $36,400 a year. The median family income in Miami-Dade is just under that, at $35,966. The median male makes $30,120, while women make $24,686 a year.

In other words, the average family, let alone the average single person, couldn't afford to rent a decent one-bedroom apartment at market rate in Miami.

The figures come from what the Department of Housing and Urban Development considers a "fair market rent" -- which means the amount someone would need to pay for rent and utilities on a "decent" apartment in a county. The amount someone would need to earn an hour to afford that apartment is considered a "housing wage."

Of America's 3,144 counties, Miami-Dade has the 135th highest housing wage. But the story in Miami isn't quite as bad as in Broward, where someone would have to make $19.08 an hour, or just under $40,000 each year, to afford rent on a one-bedroom apartment.

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69 comments
ferryjason68
ferryjason68

Its very hard to get an accommodation not only in Miami but I would say in whole USA. The wages as per the government rules and regulations acceptably confines to the rent as well. Most of the places its quite hard to figure out whether the employees are getting paid as per the rules defined or not. But where to find the rules those are the updated and latest ones. I would like to share one such link that defines the latest and updated compliance law as per the norms. Check it out here - http://www.replicon.com/labor-law-compliance

frankd4
frankd4 topcommenter

..........................one enterprising attorney has lost his law license when he took control of hundreds of foreclosed properties and collected below-market rents in cash on these units all the while also taking fees from the individuals obligated on the defaulted mortgages who at the instruction of that attorney abandonded these homes that the attorney subsequently rented out - ONLY IN MIAMI - right ?

when the price of GAS goes above $4 a gallon, most MIAMIANs can't afford to go to work, and since 2008 the gap has been covered by NOT PAYING properly for housing costs basically because the underlying mortgage was not being paid (so the defaulter would either live FREE or abandon and rent for cash the property - AS LONG AS homeowners and real estate taxes were PAID the mortgage apparently go unpaid for many many YEARS without action by the bank)

frankd4
frankd4 topcommenter

..................during the housing bubble many people had NO-MONEY DOWN mortgages that meant they had no skin in the game and some even strategically defaulted - simply STOPPED PAYING THEIR MORTGAGE

six years on now,  some are STILL in these homes without having paid their mortgage for some three to five years now, and some have even rented these properties for monthly cash which they pocketed (the record is seven years of arrears with most of that time generating cash rental income)

Deepzpace Zuicide
Deepzpace Zuicide

The Washington Post is ridiculous. I grew up in D.C. And lived in NYC for a year. I live in Miami now. People are rude and horrible here but rent is dirt cheap compared to D.C. And NY. In D.C. The only cheap apartments are in the ghetto or way out in the boondocks. And the ghettos in D.C. Are no joke. I lived in Anacostia. I got an apartment 6 blocks from the beach for 1100. If D.C. Had a beach my apartment would be 2500

Massiel Cuellar
Massiel Cuellar

yeah pretty much. i can afford an decent apt (studio) and i make less than that but after rent and bills not much left afterwards to save or play around with. wages need to go up.

Rick Amador
Rick Amador

So what with all the statistics is still doesn't do anything good for anybody.

Mason Boggs
Mason Boggs

People are still delusional if they think buildings are empty That was 5 years ago Buildings are full

John C. Tucker
John C. Tucker

You need to make much more than that to afford that.

Jay Roberts
Jay Roberts

Ain't that the truth unless you play for the Heat or the Marlins to afford a place like this or 17.50 PLUS overtime :-/

Lexx Zuse
Lexx Zuse

it does not do a good service to show these buildings it makes people think that the rent is that price in those buildings but not in regular houses & the regular housing is where the rent is that price.

Aldo Suarez
Aldo Suarez

that 900 calories per day diet, true reality.

Zorylee Galarza
Zorylee Galarza

Gotta make that just to pay rent. You need to make more to actually eat, get gas & pay bills.

Cindy Brunelle
Cindy Brunelle

I had a roommate for my first two apartments -I couldn't afford the rent on my own. That was considered normal, and that was 34 years ago.

Anastasia Biltmore
Anastasia Biltmore

So...everyone who makes minimum wage is entitled to a "decent" apartment in downtown as you have pictured? Those places are around 1500-2500 a month. You have to clear over 50K to be able to afford one without hurting, much less pass the credit check. Plus the results are statistically skewed by the 10-30K a month furnished units at the "top of the rock" on these buildings- which corporations own/rent. Stop scaring the citizens with this rubbish. A 2 bedroom is WAY cheaper per person that living alone. Try that.

Zury Carsi
Zury Carsi

Sooo in other words, we're all screwed.

Roxana Gosney
Roxana Gosney

Or have a Hubby that makes enough money and me $12.00 an hour

Luis Galvez
Luis Galvez

Ingrid yup! I saw this this morning!

Howard Green Montaque
Howard Green Montaque

Hello foreign investor with cash. How much can we get for rent? This place is party central. Jack it up as much as you want.

Erik Strand
Erik Strand

The article does not mention what how much an average 1 bedroom actually is. Nor, how they came to that conclusion. Is that based on 30% of monthly income or what? Bad journalism.

Jonathan Reyes
Jonathan Reyes

Gabs De La Torre We were just talking about this shit

Dani Cordero
Dani Cordero

or you're just living in the wrong area... gotta move to homestead

EzƦă VɅǹ
EzƦă VɅǹ

I like to bitch when housing costs go up, and then I like to bitch when the housing markets go down. I like to bitch when property values go down and then the wrong type of people move into the neighborhood. I like to bitch when the markets collapse, and I like to bitch when the rich are getting richer off of loans. I like to bitch about the foreigners too. Basically I like to bitch when anything changes.

Rick Smith
Rick Smith

LOL in florida, they have been enslaved for year's

Jorge Larrea
Jorge Larrea

Sad to see so much property go up in downtown and they are more than half empty

Aaron S. Zaslow
Aaron S. Zaslow

Miami is not even remotely worth that. I think its time for the majority of people to try living in places that are not Miami.

HarryTheHandyman
HarryTheHandyman topcommenter

Are you seriously expecting Kyle put effort into a story?

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