Florida

Floridians Spend Greater Share of Income on Rent: US Housing Report

Living in the tropical oasis that is South Florida has its perks, but it also comes at a price – especially if you’re renting a place in the Miami metro area.

A new study published by the Joint Center for Housing Studies of Harvard University found that South Florida has the highest "cost burden" of all large metropolitan areas in the the United States.

According to America's Rental Housing 2017, 61 percent of residents in Miami, Fort Lauderdale and West Palm Beach spend more than 30 percent of their income on housing.

A total of nine large metro areas were analyzed for the study. Miami leads the nation in that group, with Los Angeles and Riverside, in California, and New Orleans, Louisiana, following closely behind.

The report also notes that 34 percent of Miami renters are “severely cost-burdened,” spending more than 50 percent of their monthly income on housing.

The trend expands statewide. According to the study, the states with the largest number of cost burdened renters are Florida, California and New York.

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