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Buying a house in Miami has never been cheaper in recent times, but that’s probably because so few of us are actually in a financial situation where we can buy a house. Though the alternative, renting, continues to be an economic burden for many South Floridians. The metro area leads the nation in renters who are spending more than half of their income on housing.
According to a study released this week by Harvard University based on numbers from 2009, 34 percent of renters in Miami-Dade, Broward, and Palm Beach counties are spending more than half of their gross income on rent and utilities.
That’s higher than anywhere else in the nation. Ten years ago, only 26 percent of households were spending that much in South Florida, but even then the area led the nation in this not particularly encouraging state.
Nationwide only 26 percent of renters are spending that much, and because rents aren’t likely to decrease and personal income in the area isn’t exactly soaring, it’s unlikely the problem will reverse itself anytime soon.
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[House Keys: The severe cost burden of South Florida renters]
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