MIAMI – If you want to live in the Magic City, you better have the wallet to make it happen.
According to a new study, those who want to rent a simple two-bedroom apartment in Miami will need to earn almost $74,000 a year.
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Needing an annual income of $73,800 makes Miami the 8th most expensive city in the U.S. in which to rent, according to SmartAsset.
Rent in Miami currently averages $1,722 a month.
All income projections are based on the average fair market rent for available apartments, assuming the 28% rent-to-income ratio.
Miami is also the most expensive city in the entire state of Florida.
However, the study shows that if you're willing to compromise on location, you can rent a two-bedroom apartment in Hialeah if you make just $60,000.
Be happy you live in Miami, though. As the most expensive city in regards to rent in the country, you would need to earn a yearly salary of almost $180,000 to live in San Francisco.
MOST EXPENSIVE CITIES BY RENT