Raise up, Miami! We’ve finally bested New York at something other than basketball and money laundering. That’s right, according to a report from Zillow.com, we now rate just behind those bastions of affordability, LA and San Francisco, as the third-least affordable rental market in America.
The average Miamian shelled out 43.8 percent of his or her income on rent last year, even though the Consumer Financial Protection Bureau recommends spending only 30 percent... which, when looking at median incomes in Miami-Dade, means we SHOULD be spending about $1,000 a month. But what is that money getting you if you don’t want to live with roommates? We took a look on Trulia.com to see what rents for $1,000 a month in different Miami neighborhoods, and only a handful even had options. So we took our search up to Broward and Palm Beach. In 14 South Florida neighborhoods, what can $1K net you in terms of a roof atop your head? The answer is: not much.