Miami is the least affordable city for renters in the US: report

63% of Miami renters spent more than 30% of their income on rent

Miami /
Nov.November 10, 2017 11:15 AM

Miami (Credit: Getty Images)

The Magic City is not just expensive. It’s the most expensive.

Miami ranked as the least affordable metro for renters in the U.S. last year, according to a new report.

Nearly 63 percent of Miami renters spent more than 30 percent of their income on rent in 2016, according to Apartment List. Miami ranked the worst at No. 100, while Ogden, Utah, has the lowest share, at 37.9 percent.

In Miami, rents have increased nearly 16 percent between 2005 and 2016, but renters’ incomes only rose 5.7 percent. A substantial portion of the city’s renters – 33.8 percent – spent more than 50 percent of their incomes on rent, putting them in the severely cost-burdened category, according to Apartment List.

The online rental marketplace analyzed Census data on renter incomes and rents and found that nearly half of all renters in the country were cost-burdened in 2016, which was actually the lowest level since 2008. That’s because high-income renters who would typically have purchased houses have been delaying homeownership and low-income renters may be living with family or pushed into cheaper markets.

Homeownership may finally be back on the rise, though. According to the U.S. Census Bureau, homeownership rose to 63.9 percent in the third quarter of the year, the highest rate it has reached since 2014.

Five of the top 10 worst-affordable metros are in California, including Fresno, Oxnard, Riverside, Los Angeles and San Diego.

A study released in September found that renters in some South Florida neighborhoods could save as much as 45 percent splitting rent with a roommate rather than paying for a one-bedroom apartment.


Related Articles

arrow_forward_ios
AIMCO founder Terry Considine and a rendering of the Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Aventura Mayor Enid Weisman (Facebook via Weisman, Getty)
Aventura votes to require HOAs to submit critical reports within 48 hours
Aventura votes to require HOAs to submit critical reports within 48 hours
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...