Affordable

What Salary Do You Need to Live in Montevideo?

To afford a 2-bedroom in Montevideo, you need to earn at least $36,720/year based on estimated fair market rent data. The median household income here is $49,435, which means the typical resident is $12,715 above the threshold.

Census ACS Data Pop. 5,350

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$643	$2,143	$25,720	$-23,715
1 Bedroom	$762	$2,540	$30,480	$-18,955
2 Bedroom BENCHMARK	$918	$3,060	$36,720	$-12,715
3 Bedroom	$1,120	$3,733	$44,800	$-4,635
4 Bedroom	$1,377	$4,590	$55,080	+$5,645

Affordability Breakdown

Where the required salary line crosses above Montevideo's median income — housing becomes unaffordable for the typical resident.

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$49,435

Annual household

2BR Required Salary

$36,720

Under 30% rule

Income Gap

+$12,715

Surplus

Verdict

Affordable

Ratio: 22.3%

The 30% Rule Calculator

Enter your annual salary to see what you can afford in Montevideo

Your Annual Salary

Pre-filled with Montevideo's median household income

Max monthly rent you can afford$1,236

Studio

$643/mo

1 BR

$762/mo

2 BR

$918/mo

3 BR

$1,120/mo

4 BR

$1,377/mo

Your salary is $0 above the median income in Montevideo.

Salary Comparison by Bedroom

Bars left of the marker line are affordable for Montevideo's median earner. Bars to the right require above-median income.

Affordable Above Median Median Income

What This Means If You're Moving to Montevideo

Living in Montevideo is well within reach for most median-income earners. With a $12,715 cushion between what residents earn and what a 2-bedroom requires, households in Montevideo typically have meaningful financial flexibility after housing costs.

For remote workers or relocators evaluating Montevideo, a studio at $643/month offers an even more aggressive savings rate. Even a 3-bedroom at $1,120/month remains accessible for dual-income households earning above $44,800.

To live comfortably with room for non-housing expenses, a break-even salary of approximately $55,080 would position you well — though many residents in Montevideo manage on less given the favorable rent-to-income dynamics.

Economic Outlook

Local Job Market & Housing Dynamics

Affording rent isn't just about housing prices—it's heavily dependent on local employment opportunities and the strength of the job market in Montevideo, Minnesota.

With a total population of 5,350, the city supports an active civilian workforce of 2,501 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $36,720 annual salary. The ratio of employed residents to the total population provides insight into the local economic health and competition for both jobs and housing.

Employed Workforce

2,501

Active civilian employees in Montevideo

Frequently Asked Questions About Renting in Montevideo

What salary do I need to live in Montevideo, Minnesota?

To afford a 2-bedroom in Montevideo under the 30% rule, you need an annual salary of at least $36,720. The median household income in Montevideo is $49,435.

Can I afford a 2-bedroom in Montevideo on $49,435?

The affordability verdict for Montevideo is "Affordable". The rent-to-income ratio is 22.3%, meaning median earners have a $12,715 surplus.

What is the average rent in Montevideo compared to median income?

The median gross rent in Montevideo is $762/month. With a median household income of $49,435, residents spend approximately 22.3% of their income on rent.

What salary do I need for a studio in Montevideo?

A studio in Montevideo rents for approximately $643/month. Under the 30% rule, you need an annual salary of $25,720 to afford this.

Is Montevideo considered an affordable place to live?

Based on the surplus of $12,715 and an affordability verdict of "Affordable", Montevideo is considered a affordable rental market when comparing the required 2-bedroom salary of $36,720 to the local median household income.

How Montevideo Compares

Other cities in Minnesota with salary requirements