How Much Do You Need to Afford Rent in Nantucket County, MA?
Income needed for the average 2BR rent under the 30% rule
Renters here are cost-burdened in Nantucket County, MA
The average 2-bedroom rent ($3,583/mo) takes 36% of the local median household income ($119,750/yr). Above 30% is considered cost-burdened.
| To afford $3,583/mo rent (30% rule) | You need |
|---|---|
| Annual salary | $143,320 |
| Monthly income | $11,943 |
| Hourly wage (full-time) | $68.90/hr |
| Local median household income | $119,750 |
| Rent as % of that income | 36% |
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.