How Much Do You Need to Afford Rent in Cerro Gordo County, IA?
Income needed for the average 2BR rent under the 30% rule
Rent is affordable on the local median income in Cerro Gordo County, IA
The average 2-bedroom rent ($917/mo) takes 17% of the local median household income ($65,537/yr). That is within the recommended 30% threshold.
| To afford $917/mo rent (30% rule) | You need |
|---|---|
| Annual salary | $36,680 |
| Monthly income | $3,057 |
| Hourly wage (full-time) | $17.63/hr |
| Local median household income | $65,537 |
| Rent as % of that income | 17% |
The 30% rule says housing should cost no more than 30% of gross income. The "housing wage" is the full-time hourly pay (2080 hrs/yr) needed to hit that. Rent is the HUD Fair Market Rent for a 2-bedroom; income is the Census median for the area.