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Want to rent in Miami? You better make $74,000

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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.

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

  • San Francisco ($179,529)
  • New York ($164,614)
  • Boston ($135,686)
  • Los Angeles ($109,543)
  • Washington, DC ($103,543)
  • Chicago ($96,600)
  • Seattle ($86,786)
  • MIAMI ($73,800)
  • Philadelphia ($67,371)
  • Riverside, CA ($61,329)
  • Atlanta ($53,914)
  • Dallas ($51,600)
  • Houston ($46,629)
  • Detroit ($46,586)
  • Phoenix ($41,057)
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