Study: Rent In Miami Takes A Bigger Slice Of Your Paycheck
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MIAMI (CBSMiami) -- Renters in Miami are using more of their paychecks to pay for rent.
Two in three renters use 30 percent or more of their salary to pay for rent, according to a study by the real estate website Apartment List.
They also found one in three Miami renters dishes more than half their income for rent.
This situation creates what is called cost burdened renters. The study found no other city had as many of these.
While rent in Miami may not be as high as in other places, lower wages in South Florida means renters feel the financial burden even more.
Andrew Woo with Apartment List told the paper on top of rising rents, buying is out of reach for many since South Florida developers are focusing more on building luxury condos.
Why?
The profits are highers for luxury condos for out-of-towners than for affordable housing for locals.
The study, based on a U.S. Census Data from 2014, found that in Miami the average renter made $26,500 but spent more than $11,000 on rent each year. That's almost half of their salary.
Other cities with a large amount of cost burdened renters include Detroit, Kansas City, Fort Lauderdale and Los Angeles.
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