""This improvement is needed, but rents are still pretty unaffordable in Miami," says Realtor.com economist Jiayi Xu."
"Encouragingly, the rent-to-income ratio in all five of these metros has declined compared to the same time last year, signaling a modest improvement in affordability across these most cost-burdened markets."
"A rent is considered affordable if tenants spend no more than 30% of their gross household income."
"Miami was ranked as the least affordable of the top 50 metros, according to the Realtor.com® April 2025 Rental Report."
Despite a general decline in rental prices across the U.S., Miami emerged as the least affordable coastal metro, with median rents of $2,345 consuming 38% of household income. Other coastal cities like New York, Los Angeles, Boston, and San Diego also showed improvements in rent-to-income ratios yet remained unaffordable, burdening tenants who spent between 31% to 37% of their income on housing. The report highlights ongoing challenges in housing affordability, even as some metrics show modest improvement.
Read at SFGATE
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