For the second year in a row, a study by the website "Apartment List" shows that South Florida has been named the worst metro area in the U.S. for renters. The study indicates that 62.7% of renters in Miami-Dade, Broward, and Palm Beach in 2017 were cost-burdened — which means they paid more than 30% of their income on rent. The good news is there was a small improvement over last year when the number was 62.8%. The study, which incorporates data from the U.S. Census, says that 33.8% of renter households in the Miami metro area are severely cost-burdened — or spending more than half their income on rent.
“But even though Miami is not the most expensive city, it’s not cheap either,” Salviati said. “And although Miami has a strong economy, a lot of it is driven by tourism, and that industry doesn’t have the highest incomes.”
The study shows that on a national level, renter income is closing the gap with rent growth. The median national rent has increased 8.5% since 2007, while the median renter income grew 6.5% over the same period.But in South Florida, rents have grown 8% since 2007, while the median income has only gone up 3.6%.Read More