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Miami, FL - Miami’s rental market has reached a boiling point, and the cost of living comfortably in the city now requires a six figure income.
According to a recent Zillow report, renters in the Miami metro area need to earn around $110,000 annually to avoid being cost burdened, far above the national average income of approximately $80,000.
Over the past five years, rent prices in Miami have soared by more than 50%, while wages have not kept pace.
To remain within the widely recommended limit of spending no more than 30% of income on housing, residents need a serious paycheck.
Current rental data shows the median monthly rent in Miami hovering around $2,750, which consumes nearly 40% of the average local income.
Even though some developers are offering temporary perks like one month free or no deposit to attract tenants, experts warn these deals may fade by the end of the year as the market tightens.
Housing advocates continue to push for affordable options, but for many longtime residents, the dream of living and working in Miami is becoming unattainable.
With property insurance rates rising, out of state movers fueling demand, and limited affordable inventory, the pressure on renters is intensifying.
Unless major changes are made, Miami could become a city where only the wealthy can afford to stay.