How Much Do You Need to Afford Rent in Springfield, MA?
Income needed for the average 2BR rent under the 30% rule
Renters here are cost-burdened in Springfield, MA
The average 2-bedroom rent ($1,800/mo) takes 31% of the local median household income ($70,535/yr). Above 30% is considered cost-burdened.
| To afford $1,800/mo rent (30% rule) | You need |
|---|---|
| Annual salary | $72,000 |
| Monthly income | $6,000 |
| Hourly wage (full-time) | $34.62/hr |
| Local median household income | $70,535 |
| Rent as % of that income | 31% |
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.