June 09, 2016
Even though there has been a decline in rent over the past year, Miami received a rating as the most unaffordable city in the U.S., according to a Trulia report, a real estate analytics service. The situation has only worsened and this affects all the markets in Miami’s diverse city.
With median rent being $1950, this leaves only 6.9% of Miami’s metro area properties to be considered “affordable” in relation to income. Trulia’s calculation dropped 8.8 percent than that of the year before
New York and San Francisco, where wages are higher, still prove to hold more affordable rent. In New York, 19.6% can hold the median rent of about $2,300, and in Bay City, 22.2% can hold the median $3,500 rent in relation to their income.
Miami Dade County Comissioners office, and other member of the Miami community are working on programs to combat the overwhelming costs of living