Anyone (rightfully) complaining about rent prices in Miami will not be surprised at a new report ranking the city as the second-most unaffordable in the nation. According to real estate firm Redfin, an annual income of $94,920 is required to pay the city’s median rent — $2,373. But the median income for a renter in Miami last year was just $57,157, a nearly 40% difference.
Despite this, the cost of renting in the U.S. appears to have fallen slightly with the median asking rent dipping to $1,592, the lowest amount needed since March 2022. The report revealed that renters across the nation would need an annual income of $63,680 — the lowest it’s been in three years.
There’s a sliver of good news for renters, as the report suggests local rents are supposed to get more affordable in the year ahead.
“Rental affordability will continue improving this year, as wages grow and rents remain flat, thanks to the recent boom in apartment construction,” Redfin senior economist Sheharyar Bokhari said in the report. “The affordability gap between renting and buying is likely to widen further in 2025, as home prices rise and mortgage rates remain high.”
He added: “That means potential homebuyers—especially from younger generations—may decide to continue renting for longer, as it’s the only affordable option.”
The only place considered less affordable for renters than Miami is Providence, Rhode Island, with an asking price of $2,145. Other cities rounding out the top five include New York, Los Angeles and Boston, although it is important to note that data in this report was compiled prior to the Los Angeles wildfires.
On the other hand, Texas metros Austin, Houston and Dallas are the most affordable for renters, with asking prices of $1,394, $1,239 and $1,460 respectively.
Here are the least affordable cities in the U.S., according to the report:
- Providence, RI
- Miami, FL
- New York, NY
- Los Angeles, CA
- Boston, MA
- San Diego, CA
- Riverside, CA
- Tampa, FL
- Philadelphia, PA
- Buffalo, NY
See the report in full here.