Assuming an average market rent of $650 per month and that the minimum income necessary to rent an apartment is 30% of monthly gross income, what is the general range of annual income for renters in this market?

Loan Type	Fixed Rate
Term	30 years
Down Payment	5 percent
Housing Cost Ratio	30 percent
Interest Rate	4.00 percent
Annual Insurance Rate	0.40 percent of value
Annual Property Tax Rate	1.10 percent of value
Mortgage Insurance	Assume none for this exercise