Many Miami residents spend most of their paycheck on rent
Add Axios as your preferred source to
see more of our stories on Google.
Nearly 34% of Miami renters are spending more than half their income on housing, according to new Census data.
Why it matters: An excessive rent burden can make it harder to afford other basic needs, like groceries and transportation — or to save for a down payment to buy a home.
By the numbers: Florida is home to several especially rent-burdened metros, including Port St. Lucie (where 36.6% of renters are spending more than half their income on rent), Cape Coral (35.1%) and Palm Bay (34.3%).
- That could be due to the state's large number of retirees, who may have relatively less current income.
On the other side: Ogden, Utah (17.9%), Northwest Arkansas (18%) and Wichita, Kansas (18.7%).
- That's according to the 2023 1-year American Community Survey, and among metros with at least 200,000 households.
Zoom in: Miami has struggled with an ongoing housing affordability crisis in recent years, even as wages have grown at a pace slightly above the national average.
- According to an analysis by Zillow, rent has increased nearly 53% between 2019 and 2023 — the "most dramatic jump" of any U.S. market.
Between the lines: Geography is only part of the equation here — race plays a role, too.
- 30.6% of Black renters are spending more than half their income on rent, compared to 23.4% of white renters.
Stunning stat: The real median gross cost of renting — that's rent plus utility/energy costs — grew faster annually (+3.8%) than real median home values (+1.8%) last year for the first time in a decade, the Census Bureau points out.