Tuesday, May 10, 2011

Miami Rated Worst City to Rent

We just came across this article titled "10 Worst Cities to Rent" in the U.S. and no surprise, Miami was rated Number 1, the worst compared to median household income for renters.  New York City didn't even make the list.  According to the article,

In fact, metro Miami has the greatest share of residents who pay more than half of their income to rent in the nation. The share reached 34.2 percent in 2009, up from 26 percent in 2000, as real household income growth stagnated and median rent in the area, adjusted for inflation, rose by 22.2 percent during that period, according to the Harvard report. In McAllen, the share of severely burdened renters rose to 33.1 percent and in Detroit to 32.8 percent.

To read the complete article by Vanessa Wong of Bloomberg Businessweek, click here.

Please share your opinion or experience. Does half of your income go towards rent and utilities?

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