The constant rising rents are financially affecting Miami residents more than anyone else in the United States, as a new study reveals that the Florida city is apparently the most difficult place to rent in the country.
According to the study conducted by real estate website Apartment List, two out of three Miami renters pay at least 30 percent (sometimes more) of their hard-earned salaries to their corresponding landlords.
Meanwhile, one in three Miami renters reportedly pay more than half of their paychecks on rent, making them the "severely [cost] burdened" renters. The study was based on U.S. Census data from 2014.
Apparently, it's not attributed to high rent rates at all, but because of lower wages. Miami Herald reports:
"Rents in Miami may not be as high as in New York, San Francisco or Boston but lower wages in South Florida put the screws to locals, said Andrew Woo, a data scientist at Apartment List. And skyrocketing prices for homes mean buying is out of reach for many people who live here, trapping them in expensive apartments."
Miami isn't the only city that performed badly in the study. In Detroit, 65 percent of renters are reportedly cost burdened, while Kansas City has 63 percent, Fort Lauderdale has 62 percent, and Los Angeles with 62 percent as well.
Florida, Hawaii, and California garnered the worst scores, while states in the "costly coasts" like the Northeast, Southeast, and West Coast "performed most poorly."
As it turns out, 52 percent of renters across the United States are cost burdened (paying 30 percent or higher of their income to rent).
The study found that the Miami renter would make a median annual salary of $26,500 per year in 2014. Unfortunately, they also spent $11,800 on rent - which equates to 44 percent of their salary.
It's always best to not go over a third of your annual salary for housing expenditures, as recommended by experts.
