Miami-Miami Beach-Kendall, FL
The Fair Market Rent for a 2-bedroom in Miami-Miami Beach-Kendall, FL is $2,436 per month, ranking #27 out of 693 areas nationwide. The area median household income is $73,481, meaning a household spending Fair Market Rent on a 2-bedroom would pay 39.8% of income on housing. Rent in Miami-Miami Beach-Kendall has increased 4.8% year over year. The area has a population of 6.1M, with 39.7% of households renting.
Fair Market Rent by Bedroom Size
Fair Market Rents (FMRs) are set annually by the U.S. Department of Housing and Urban Development and represent the 40th percentile of gross rents for standard-quality units in an area. FMRs are used to determine payment standards for the Housing Choice Voucher program and other federal housing assistance.
Housing Affordability
In Miami-Miami Beach-Kendall, FL, a household earning the area median income of $73,481 would spend 39.8% of their gross income on a 2-bedroom at Fair Market Rent. HUD considers households spending more than 30% of income on housing to be "cost-burdened." This means many renters in this area face financial strain from housing costs.
5-Year Rent Trend
+57.1% since 20212-bedroom Fair Market Rent by fiscal year. Source: HUD FMR API.
Minimum Wage Affordability
The minimum wage in Florida is $14.00/hr. A minimum-wage worker would need to work 133.8 hours per week to afford a 2-bedroom at Fair Market Rent without exceeding 30% of income on housing. This means a single minimum-wage earner cannot afford a 2-bedroom working a standard 40-hour week. The poverty rate in Miami-Miami Beach-Kendall is 13.1%, near the national average of approximately 12.4%.
Housing Market Context
The median home value in Miami-Miami Beach-Kendall is $405,600. At a median income of $73,481, this represents a price-to-income ratio of 5.5x. 13.2% of housing units in the area are vacant, which is above the national average and may indicate softer demand or seasonal housing.
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Frequently Asked Questions
The HUD Fair Market Rent for a 2-bedroom in Miami-Miami Beach-Kendall, FL is $2,436 per month. A studio is $1,828/mo, a 1-bedroom is $1,995/mo, and a 3-bedroom is $3,127/mo. The actual median gross rent from Census data is $1,770/mo.
Miami-Miami Beach-Kendall has a rent burden of 39.8%, meaning a household earning the median income of $73,481 would spend 39.8% of income on a 2-bedroom at Fair Market Rent. HUD considers spending 30%+ on housing to be cost-burdened. To afford a 2-bedroom without being cost-burdened, a household would need an annual income of at least $97,440.
Miami-Miami Beach-Kendall's 2-bedroom Fair Market Rent of $2,436/mo is $1,186 above the national median of $1,250/mo. Miami-Miami Beach-Kendall ranks #27 out of 693 areas for highest rent in the United States.
To afford a 2-bedroom at Fair Market Rent in Miami-Miami Beach-Kendall without spending more than 30% of income on housing, you would need an annual household income of at least $97,440, or a full-time hourly wage of $47/hour. The area median income is $73,481.
The 2-bedroom Fair Market Rent in Miami-Miami Beach-Kendall increased by 4.8% compared to the prior year. This is a modest increase, roughly in line with typical housing cost trends.
Fair Market Rents represent the 40th percentile of gross rents for standard-quality rental units. Rent burden is calculated as annual 2BR FMR divided by area median household income. Census data (income, home value, population, vacancy) is from the ACS 5-Year estimates. Unemployment rates are from BLS Local Area Unemployment Statistics.