MIAMI (CBSMiami/AP) — There are a lot of reasons why living in Miami is amazing, but affordability isn’t one of them.
A new report says Miami is the seventh least-affordable large metro area in the world.
The recent report by urban researchers Richard Florida and Steven Pedigo says the Miami region’s housing unaffordability crisis reinforces its high levels of inequality.
The report says only Hong Kong, Sydney, Los Angeles, London, Toronto and New York are more expensive than the Miami area.
It also says that 6 in 10 employed adults in Miami are spending more than 30 percent of their income on housing. That is the highest rate of any large metro area in the United States.
A resident is considered “housing cost-burdened” at that threshold or higher.
The report says housing affordability needs to be front and center in any discussion of economic development in Miami.
(© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)