Miami Second Most Housing Cost-Burdened City In US

MIAMI, FL — A new study has confirmed what many of us already know. It's not cheap to live in Miami. The study by personal finance company SmartAsset ranked the Magic City as the second most housing cost-burdened city in the nation with a quarter of households spending more than 50 percent of income on housing.

Hialeah, Pompano Beach and Hollywood also ranked among the top 10 worst cities along with Newark; Los Angeles; New York; Yonkers, New York; Norwalk, Connecticut and Stamford, Connecticut.

"Our data reveals that roughly 24.58 percent of households are severely housing cost-burdened, meaning they pay over 50 percent of their income on housing costs," SmartAsset said of Miami. "In particular, the least well-off Miami households struggle the most."

The study found that more than 61 percent of households earning less than $10,000 per year are severely housing cost-burdened.

"The percent of severely housing cost-burdened households increased by 5 points since we last conducted this analysis in 2016," SmartAsset officials added.

The cities that ranked most favorably in the study included Cary, North Carolina; Lincoln, Nebraska; Broken Arrow, Oklahoma; Sioux Falls, South Dakota and Raleigh, North Carolina.

Click here to read more about the study.

Photo by Paul Scicchitano