Miami one of the least affordable cities for renters - slideshow
Shaun BevanSouth Florida Business Journal
Median rent prices have surpassed the affordability threshold for middle-income families in more than 90 cities, including Miami, which ranked near the top of a list of the least affordable U.S. cities by the New York Times.In order for rent and utilities to be considered affordable, they must make up 30 percent or less of a household's income. Nevertheless, the median rent alone exceeds 30 percent in nearly 100 cities nationwide. According to the Times, nationally, half of all renters are now spending more than 30 percent of their income on housing, up from 38 percent of renters in 2000.And the outlook doesn't look too good, experts say. Apartment vacancy rates have dropped so low that forecasters at research firm Capital Economics say that rent could rise as much as 4 percent this year, compared with 2.8 percent last year.
Author:Kevin Berman Phone: 954-471-8120 Dated: April 20th 2014 Views: 1,047 About Kevin: REAL ESTATE BROKER & MILLION DOLLAR GUILD MEMBER
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