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South Florida

Miami’s cost of housing and transport highest in the U.S. compared to incomes

Miami
Miami

New Yorkers love to complain about cost of living — and with good reason, since both housing and transportation costs grew almost twice as fast as the income over the last 10 years in NYC — but in fact, Miami is the least affordable city in the U.S., according to to a study by the Center for Housing Policy cited by the Miami Herald.

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In Miami, housing and transportation costs eat 72 percent of a moderate income households’ wages, compared to the 59 percent national average among the top 25 U.S. cities, the report from the Washington, D.C.-based organization showed.

The study looks at households earning $25,444 to $50,888 a year — 50 percent to 100 percent of an area’s median income for Miami. [Miami Herald] — Christopher Cameorn