Dec 6, 2023 - News
Renting alone in Miami is too expensive for Gen Z
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The average age of a solo U.S. renter is 50, according to the latest census data, Axios' Sami Sparber reports.
- In the Miami-Fort Lauderdale-Pompano Beach metro, it's 52.4.
What's happening: Nationally, 17.6% of renters lived alone in 2022, census data shows.
- Facing steep rents that eat into their income, squeezed Gen Zers are moving in together, leaving big cities and living in their parents' homes.
- Meanwhile, more baby boomers have ditched homeownership for low-maintenance apartments.
The big picture: Solo living is unaffordable in cities both big and small, according to the Economist's "Carrie Bradshaw index," designed to identify cities where a studio apartment is within reach for the average earner.
- In Miami, the median salary of $44,000 is well below the $89,000 required to afford a studio.
- Only New York and Jersey City have bigger discrepancies.