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.
"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.
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