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Miami, FL - A new national housing study ranked Miami as the least affordable rental market in the United States based on rent costs compared to household income.
The report, published by WalletHub, analyzed rental affordability in 182 cities by comparing median annual rent prices to median household earnings.
According to the findings, Miami residents spend a larger percentage of their income on rent than renters in any other major U.S. city.
Researchers found renters in Miami spend approximately one third of their annual household income on housing costs, placing the city at the bottom of the affordability rankings.
The study used recent census and housing data to calculate rent burden levels across major metropolitan areas.
The report also showed several other Florida cities ranking poorly for rental affordability.
Orlando and Tampa were among the markets identified as increasingly expensive relative to local wages.
Analysts say rising housing demand, population growth, and elevated rental prices have continued placing pressure on renters throughout the state.
Housing experts noted that while rental prices in some parts of the country have stabilized, South Florida continues facing affordability concerns due to income levels not keeping pace with housing costs.
The study measured affordability using the percentage of income spent on rent rather than overall rent prices alone.
Cities in the Midwest and parts of the Great Plains ranked among the most affordable rental markets due to lower housing costs and more balanced income ratios.
The affordability report highlights continuing concerns over housing availability and cost burdens facing renters in Miami and across Florida.