MIAMI (CBSMiami) — Miami rent remains among the nation’s least affordable, according to a new study.
While rent in the nation’s 25 biggest rental markets have fallen slightly since last year, real estate site Trulia says Miami along with New York and San Francisco are home to the nation’s least affordable rental markets with sky-high rents.
With a median rent of $1,950, only about 6.9 percent of Miami’s rental properties are considered “affordable” in relation to income levels. That’s a drop from the 8.8 percent considered affordable just a year before.
The newly reported numbers from Miami are worse than in New York and San Francisco where wages are generally a bit higher. In New York, median rent is at $2,354 but 19.6 percent can afford it. In San Francisco, about 22.2 percent can afford the median rent at $2,354.
Despite the high rents, the study says , rent in the 25 areas they studied declined about 1.6 percent from 2015 to 2016 but based on historical pricing, rents are still very high.