While rents have largely remained flat across Miami for months, that doesn’t mean the city’s most popular neighborhoods are becoming more affordable.
Utilizing the 40x Rule, which dictates that household income be at least 40 times the monthly rent (ex: $2,000 rent equates to $80,000 a year), RentHop concocted a colorful map showing affordability across Miami’s diverse offering of neighborhoods by looking at two-bedroom median asking rents and comparing the needed income against Miami-Dade’s median income (just under $44,000).
Unsurprisingly, Fisher Island topped the unaffordable list with median asking rents of $12,000 for two-bedroom residences. The super wealthy island was followed by two other Miami Beach neighborhoods: South Point ($5,000) and La Gorce ($4,700).
Among the city’s fastest developing neighborhoods, Brickell’s two-bedroom median asking rent of $2,700 would correlate to a required income of $108,000. The most affordable neighborhoods on their map are Opa-Locka, Model City, and South Miami Heights. The rent in each was $1,200 or under.
Below is the interactive map, which you can use to decipher affordability among Miami neighborhoods.