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Miami, FL - A new WalletHub report names Miami the least affordable city for renters in the U.S., with residents spending over a third of their income on rent, far surpassing national affordability guidelines.
The report ranked 182 cities across the country based on rental affordability.
Miami came in last, making it the least affordable city for renters in the United States.
Researchers compared median household incomes to median gross rents to determine the rankings.
In Miami, renters must spend roughly 33.48% of their annual household income just to cover rent, WalletHub found.
The city’s median annual rent is $19,884, while the median household income sits at $59,390.
Financial experts generally advise keeping housing costs under 30% of income, a threshold Miami’s average renter surpasses.
In contrast, Bismarck, North Dakota, ranked as the most affordable city for renters, with just 15.34% of median income going toward rent.
Bismarck’s population was 75,092 in 2023, according to U.S. Census data. Sioux Falls, South Dakota, followed closely behind at 15.95%, while Cheyenne, Wyoming, came in third at 16.09%.
Both cities are significantly smaller than Miami, which had a 2023 population of 455,924.
WalletHub notes that in cities where rent consumes a smaller portion of income, residents can more easily build savings, invest, and plan for homeownership.