MIAMI (WSVN) - Are you single, looking for a new place to rent in Miami and bringing home an average income? Renting alone is not an option for you if you live in Miami, according to a new study.
A joint study compiled by RENTCafé and PropertyShark reveals single people are completely priced out of 14 markets, including Los Angeles, San Diego, San Francisco, Washington, D.C., Boston and last but not least, Miami.
The study revealed that neither men nor women can afford to buy or rent in Miami without taking on a heavy cost burden.
Rent takes about 70 percent of the median income of single men in Miami, which is estimated at approximately $21,000 per year. Women bring home only $15,000 per year on average, which translates into a staggering 97 percent rent burden.
Miami is one of the cities with the biggest gender pay gaps, estimated at 28 percent.
For single women, renting an average apartment on a median income is practically impossible in 48 out of the 50 biggest cities in the U.S.
Single men, on the other hand, can rent an average apartment on a median income in 18 cities.
Those two cities where single women with average incomes can rent? They’re Wichita, Kansas and Tulsa, Oklahoma.
For more information on the study, click here.
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