Images and charts via Apartment List
In what shouldn't come as a shock to South Floridians struggling to balance rent and income, Miami has been deemed the toughest place to rent in the United States, according to the results from a study conducted by Apartment List. Fort Lauderdale didn't trail by much, coming in fourth, behind only Detroit, Kansas City and Los Angeles in the percentage of cost-burdened renters from 2007-2014.
A startling 66 percent of Miami renters are considered "cost-burdened," with 37 percent devoting at least half of their income to rent. The study divided renters into the following three categories.
The methodology of the study centered around census data over an eight-year period. These findings showed it has become a nationwide issue, with rents growing faster than renter incomes, largely in part due to the Recession of 2008, where you can see the sharp decline in median renter income.
· Which cities and states have the most cost-burdened renters? [Apartment List]