South Florida’s rental market ranked 8th worst in America for recent graduates

Miami skyline
Miami skyline

South Florida ranks as one of the least affordable places to live for recent college graduates, a recent study conducted by Trulia shows.

The online realty company combed through its rental listings and data compiled by the online job search engine Indeed to see which regions in the United States offer suitable jobs for recent grads, while also providing affordable housing.

Miami, Fort Lauderdale and West Palm Beach were compiled together and ranked eighth worst in America, the Miami New Times reported, with only 2.2 percent of South Florida’s rental market considered affordable for recent college graduates.

South Florida was followed by Los Angeles; Bridgeport, Connecticut; San Diego, Boston, and Cape Coral-Fort Myers.

On the flip side, Seattle; Hartford, Connecticut; Baltimore, Pittsburgh, Detroit, and Dayton, Ohio ranked among the most affordable markets with similar job opportunities, according to the Trulia study.

For the research, Trulia compiled listings between January and April of this year. It defined rental affordability as rental units that cost less than 30 percent of a person’s monthly income, and paired it against the median income of college graduates between the ages of 22 and 30, based on 2011-2015 American Community Survey data.

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The survey also factored in data compiled by Indeed, which rates metros based on the share of job openings suitable for recent college grads, and factored in the share of the total population that is between the ages of 22 and 30 with a college degree, as per 2015 ACS data.

The study found a significant discrepancy  nearly all the metros with the most job opportunities for recent grads were among the least affordable.

The research reflects a growing pessimism in South Florida for renters. Rents are notoriously unaffordable in Miami, which has consistently ranked as the ninth-most expensive city for renters, according to Zumper.

Yet, the area is still appealing to millennials. Miami ranked as the second most desired city for millennials to move to, according to a recent Realtor.com survey.

“South Florida is a tough place for new grads,” Ralph McLaughlin, Trulia’s chief economist told The Real Deal.

“On the one hand it has a decent share of jobs, but the down side is only 2 percent of housing is affordable,” he said. “That means new grads will spend a lot of money on rent in order to find a job.”

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