Miami Dead Last For Savings After Paying Mortgage

MIAMI, FL — If you feel like you can barely make ends meet after paying your rent or mortgage and other expenses, you are not alone. A new study ranked Miami dead last out of 50 of the largest U.S. cities for homeowners being able to save money. Renters did not fare much better.

"Miami is not among the 44 cities where homeowners can save money at the end of the month," found a joint study by PropertyShark and RENTCafé.

"In fact, homeowners living in the city risk ending up with debt each month if they don’t cut down on expenses," the study warned. "With a $1,219 hole in their pockets, Miami homeowners fare the worst of the 50 cities we analyzed."

Read the entire joint study here.

Besides Miami, the other cities where homeowners cannot save money are, Detroit, Cleveland, Philadelphia, Memphis, and New Orleans.

"Renters in Miami fare worse than homeowners — after paying their rent and covering living costs — they’re left with $1,734 in debt," the study found. "Only renters in Boston, Brooklyn, and Oakland have a harder time saving money."

The study found that homeowners can pocket $4,5oo per month in Manhattan, $3,500 in San Jose and $2,600 in San Francisco.

"On the other hand, Miami proves to be the least favorable city you could live in as an owner," acccording to the findings.

Renters in Virginia Beach save $883 per month — more than any of the other cities — while renters in Brooklyn and Boston have the hardest time with a monthly debt of more than $2,000 each month.

Read the entire joint study here.

Photo courtesy city of Miami