How Much Do You Need to Afford Rent in Montcalm County, MI?
Income needed for the average 2BR rent under the 30% rule
Rent is affordable on the local median income in Montcalm County, MI
The average 2-bedroom rent ($1,058/mo) takes 20% of the local median household income ($64,892/yr). That is within the recommended 30% threshold.
| To afford $1,058/mo rent (30% rule) | You need |
|---|---|
| Annual salary | $42,320 |
| Monthly income | $3,527 |
| Hourly wage (full-time) | $20.35/hr |
| Local median household income | $64,892 |
| Rent as % of that income | 20% |
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.