Earlier this week we published a post highlighting how the Miami metro area (Miami-Fort Lauderdale-West Palm Beach) has the highest share of low-income renters with the “worst case needs” in the country.
Well, the outlook continues to be gloomy for all renters and across multiple generations, per a new study by Abodo. While a previous study concluded the Miami metro area to be the most cost-burdened rental market—those spending more than 30 percent of their income on housing— in the country, their latest report indicates we don’t fare much better when broken down by generation.
Miami Millennials, aged 18 to 34, rank third nationally with 59 percent of renters cost-burdened. It gets worse for both Miami Gen Xers and Baby Boomers, who each lead the nation in cost-burdened renters at 58 percent and 61 percent, respectively.
Nationally, just under 48% of all American renters are cost-burdened while Miami’s overall number of cost-burdened renters is a whopping 64 percent.