Miami-Dade and Broward among top 10 least affordable rents, report says
Buying is still more affordable than renting in most U.S. housing markets — but not in those with the biggest increase of millennials over the last six years.
Miami-Dade and Broward counties were among the top 10 least affordable market rents, according to a RealtyTrac report released today. New York, Baltimore, Philadelphia, Virginia Beach, San Francisco, Los Angeles and Eureka, California joined South Florida in the ranking.
Fair market rents required at least 40 percent of median household income in all of the 10 least affordable counties, according to a news release.
“With interest rates still at record lows, the buy analysis is compelling for many renters,” Mike Pappas, president and CEO of the Keyes Company, told RealtyTrac about the South Florida market. “We are beginning to see those who lost their homes in the great recession re-enter the purchase market. Coupled with the re-emergence of the low down payment loans and the aging of the millennials – 2015 bodes well for an improving purchase market.”
Top counties where fair market rents were most affordable, as a percentage of median household income, were in Columbus, Ohio, Indianapolis and Nashville. Fair market rents required less than 15 percent of median household income in parts of these markets. — Katherine Kallergis