More than 30 percent of renters in Miami spend more than half of their income on shelter, concernedly making the metropolis a U.S. leader in the affordable housing crisis, according to a report.
Miami had the highest share of cost-burdened renters out of the largest U.S. metropolises in 2016, according to Apartment List.
Cost-burdened renters are defined as people who spend at least 30 percent of their income on rent.
In the "Rental Affordability Crisis: Where Is Cost Burden Worst?" report, those described as moderately cost-burdened spend between 30 percent to 50 percent of their income on rent. Those considered severely cost-burdened spend more than 50 percent of income on rent.
In the Miami metropolitan area, including Fort Lauderdale and West Palm Beach, about 62 percent of renters are cost-burdened – 29 percent being moderately cost-burdened and 33 percent severely.
"As the U.S. renter population nears 44 million households – or 37 percent of U.S. households – and rents increase nationwide, rental affordability remains an important concern," the report reads. "Nearly half of U.S. renters are 'cost burdened.'"
Overall, the cost-burden share has fallen to the lowest level since 2008 – showing signs of improvement after the U.S. financial and housing crisis.
"Rental affordability is improving, as 2016 marks the fifth consecutive year in which renter incomes increased faster than rents, reducing the share of cost-burdened renters," the report adds. "Unfortunately, the decrease in cost-burdened renters is due in part to an increase in high-income households in the rental market."
Despite the trend, 25 percent of all U.S. renters spent more than half of their paycheck on shelter last year.
"Despite the decrease in the share of cost-burdened renters, affordability continues to be a challenge for millions of renters," the report concludes. "With cost-burdened rates of over 45 percent in most large metros, and over 10 million severely cost-burdened renters nationwide, the lack of affordable housing remains a major challenge for renters."