How Much Do You Need to Afford Rent in Madison County, KY?
Income needed for the average 2BR rent under the 30% rule
Rent is affordable on the local median income in Madison County, KY
The average 2-bedroom rent ($993/mo) takes 19% of the local median household income ($62,407/yr). That is within the recommended 30% threshold.
| To afford $993/mo rent (30% rule) | You need |
|---|---|
| Annual salary | $39,720 |
| Monthly income | $3,310 |
| Hourly wage (full-time) | $19.10/hr |
| Local median household income | $62,407 |
| Rent as % of that income | 19% |
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.