A study from Florida Atlantic University says an average renter needs a six-figure salary to make rent in Miami and live somewhat comfortably. NBC6’s Jamie Guirola reports
The monthly cost to live in any major U.S. metropolis is only getting more and more expensive, but for residents renting in the Miami, Fort Lauderdale or Pompano Beach area it just might be a little harder.
Just in May, Americans saw rents grow by 4.8% to about $2,048 a month on average nationally, according to Zillow Observed Rent Index data.
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Lawn Love, a yard care business, ranked 2023's most expensive metro area for renters. It compared 172 based on three categories: average rent prices, year-over-year rent charges, and the share of renters spending over 30% of their income on rent and utilities.
Here are the top 10 most expensive metro areas for renters:
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- New York City, N.Y., Newark, Jersey City, N.J.
- Miami, Fort Lauderdale, Pompano Beach, Fla.
- Oxnard, Thousand Oaks, Ventura, Calif.
- San Diego, Chula Vista, Carlsbad, Calif.
- Urban Honolulu, Hawaii
- Los Angeles, Long Beach, Anaheim, Calif.
- Napa, Calif.
- Naples, Marco Island, Fla.
- Washington D.C., Arlington, Alexandria, Virg.
- Bridgeport, Stamford, Norwalk, Conn.
South Florida's metro areas ranked just below New York City, NY.
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It has the highest share of cost-burdened renters, with over 62% spending most of their income on rent.
The average rent in Miami is $2,396 according to RentCafe.
The most expensive neighborhoods in this area are reportedly Brickell Keys, at an average rent of $3,392, Buena Vista, and Miami Design Destrict, each at an average rent of $3,073.
