Miami Has the Most "Cost-Burdened" Renters in America, Study Says
Two things Miamians are tired of: paying exorbitant amounts of money for rent, and hearing New Times complain about it. Nary a week goes by without some real-estate analyst looking at the 305's housing prices and collapsing with an aneurysm.
This week, the analysts turned their attention to Miami's renters — and the news is not good. This city's renters, in fact, are struggling the most to pay rent compared to anyone else in the nation
The real-estate website
The U.S. Department of Housing and Urban Development warns that people shouldn't spend more than 30 percent of their income on housing, but
All of the top 19 cities "had at least 54 percent of their renters spending more than 30 percent of their income on rent, but Miami-Fort Lauderdale-West Palm Beach took the lead by a wide margin,"
And studies have shown that Miami's high-end-condo culture is eating away at people who don't make six figures (i.e., most of us). Seventy-five percent of people of color in Miami report having almost no savings, thanks in large part to the prices they pay for rent.
But if you want to avoid renting, Miami is also the most difficult place in America to apply for a mortgage, and the cities of Miami and Miami Beach are the most expensive areas in America to buy a first home. Not surprisingly, we have more young people living with their parents than any other U.S. city.
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But the people doing well here really don't seem to care about other people's problems: If you've got the cash, it's easy to just hole up in a multistory condo, bolt down your windows, and — if you live in Aventura or Sunny Isles Beach — make sure the county government doesn't let those gross middle-class folks live near you.
Miami is even debating putting its most cost-burdened in shipping containers, which pretty much says everything about the way this city's housing market is set up.
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