You Need to Earn $19.08 an Hour to Afford Rent for a Decent One-Bedroom Apartment in Broward County
The National Low Income Housing Coalition calculated the Department of Housing and Urban Development figures in what they say is "fair market rent" and determined that a person would have to make at least $19.08 an hour in a full-time job to make rent in a one-bedroom apartment in Broward County.
Which means, you'd have to have a job that pays around $40,000 a year to make rent on a one-bedroom unit.
According to the study, which was published last week in the Washington Post, it's actually pricier to live in Broward County than it is in Miami-Dade or Palm Beach.
The median family income in Broward County is $62,852, compared to Miami-Dade's $36,400 a year.
So, according to this study, the average Miami-Dade family is slightly worse off than Broward when it comes to renting out a decent place.
Still, Broward is ranked 83rd out of 3,144 counties in the U.S.
The reason for the high prices may come down to Broward's having newer properties, which come with higher maintenance fees, Alex Perez, an 11-year broker based out of Miami-Dade, tells New Times.
"Broward County's newer properties carry high maintenance fees," he says. "And that tends to affect everything else."
Perez says a one-bedroom unit is going to demand a higher rent because the owner of a respective property has to pay those higher fees. Newer places come with cable, valet, and garbage pickup, not to mention insurance.
The newer places to rent have a higher demand as well, Perez adds. "Miami-Dade is more established. Their communities have been around, and there isn't as much new construction as we've seen in Broward."
Perez, who is president of Prime Capital Realty, says Broward's having seen relatively newer buildings going up since 1997 to the present day creates a direct correlation to the prices.
You can check out the interactive by-county map here.