Neighborhood Transformation
Neighborhood Transformation
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South Florida Business Journal - Dec 27, 2016

Miami is least affordable place for renters in nation, report says

Apartment List dug through a decade of census data seeking information about rents in America's 100 largest metros. It found that Miami ranks dead last in the nation when it comes to renter affordability.

That's because Miami has the highest percentage of "cost burdened" renters, meaning they pay more than 30 percent of their income on housing expenses, according to a report by the national website Apartment List.

Miami's rent burden compared to other Florida metros.

According to Apartment List, 63.9 percent of renters in Miami pay more than 30 percent of their income toward rent. That's double digits above the national average of 50.6 percent.

Other Florida metros are far more affordable for renters than Miami, with 56.5 percent of Orlando renters, 53 percent of Tampa and 51 percent of Jacksonville renters considered cost burdened.

Nationally, metros in the Midwest and Texas tend to have relatively low shares of cost-burdened renters, while metros in Florida and Southern California ranked worst for affordability.