Miami Renters Fare Poorly Compared To Other Cities

MIAMI, FL — It's no secret that we pay top top dollar to rent in the Magic City. But a new study by personal finance website WalletHub ranked Miami 140th out of 182 U.S. cities for renters. The website cited rental affordability, the percentage of "severely" cost burdened renter households and other factors for the low ranking.

"Our data set ranges from the difference between rental rates and mortgage payments to historical price changes, the cost of living and jobs availability," the website penned.

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In all, WalletHub examined 22 factors. Miami ranked 168th in average home square footage, 179th in rental affordability, 100th in historical rental price changes, 176th in severely cost-burdened renter households, 128th in cost of living, 132nd in weather and 121st for safety.

Weather? Ouch.

We have had a few hurricanes but there is a reason why so many tourists flock to our turqoise waters every year. Other findings were more clearcut.

"With demand for affordable housing exceeding supply, more than one-quarter of all renters – 11.1 million people in total – spend more than 50 percent of their income on housing," said WalletHub. "They are classified as 'severely cost-burdened' by federal housing agencies as a result."

Other findings:

Jacksonville ranked 53rd in the study while Port St. Lucie ranked 80th. Tallahassee ranked 151st and Hialeah ranked 174th out of 182 cities.

Cedar Rapids, Iowa had the highest rental affordability, with the lowest median annual gross rent divided by median annual household income at 15.41 percent, which was 2.7 times lower than Hialeah, which had 41.65 percent.

Little Rock, Arkansas, had the highest rental vacancy rate, 16.3 percent, which was 11.6 times higher than Burlington, Vermont, the city with the lowest at 1.4 percent.

Newark, New Jersey, had the highest share of renter-occupied housing units, 78.2 percent, which is 3.3 times higher than Port St. Lucie, the city with the lowest at 23.7 percent.

Laredo, Texas, had the lowest cost-of-living index, 77, which is 2.5 times lower than in San Francisco, the city with the highest at 193.

Irvine, California, had the fewest violent crimes (per 1,000 residents), 0.57, which is 35.9 times fewer than in Detroit, the city with the most at 20.47.

To view the full report, click here.

Photo by Paul Scicchitano