Despite median 1-BR rent in Miami rising to $1,870/month in October (up from $1,850 in October), Los Angeles has bumped the Magic City down to ninth nationally, according to the latest report from Zumper.
San Francisco and New York pace the country at first and second, respectively, at $3,670 and $3,280 a month.
How does our median rent stack up year over year? Miami was sixth in the country in November 2014 with median 1-BR rent at $1,700/month, equating to a 10-percent rise in the past year despite the national drop. Zumper also notes only 10 percent of the 50 major U.S. cities experienced a decline in rents in the past year, with the reasoning being two-fold: "historically low rental vacancy rent rates" and national homeownership decreasing for the 10th straight year in 2014.
For you to comfortably afford that median $1,870/month median rent in Miami, Zillow estimates you'll need to earn $54,420 a year, after taxes and not including any monthly debts.
· Zumper National Rent Report: November 2015 [Zumper]
· Miami Has 8th Highest Rent in Nation: October 2014 [Curbed Miami]
· Zumper National Rent Report: November 2014 [Zumper]
· Rent Affordability Calculator [Zillow]