BOCA RATON, FLA. (WSVN) - A recent study by researchers from Florida Atlantic University, along with two other schools, revealed that the average renter in 11 major cities, including Miami, must earn a six-figure annual salary to avoid being classified as rent-burdened.
According to the findings, Miami ranks among the cities where renters need to earn at least $100,000 per year to evade the rent-burdened label. Other cities requiring a similar income threshold include San Jose, California; New York; San Francisco; San Diego; Oxnard, California; Boston; Los Angeles; Bridgeport, Connecticut; Honolulu; and Riverside, California.
Rent-burdened consumers are those who allocate 30 percent or more of their incomes towards rent, which often leaves them struggling to cover other essential expenses such as food and medication. Severe rent burden is defined as spending 50 percent or more of one’s income on rent.
Ken H. Johnson, Ph.D., an economist in FAU’s College of Business, expressed concern.
“Not a lot of people make that kind of money. This data illustrates perfectly what we’ve been saying about an ongoing housing affordability crisis, Dr. Johnson said. “Rents aren’t coming down significantly, if at all, so until incomes increase sharply, consumers in much of the country will continue to do without basic needs.”
The report indicates that the average U.S. renter needs to earn nearly $81,000 per year to avoid being rent-burdened, emphasizing the widespread nature of the issue.
Wichita, Kansas, emerges as the least rent-burdened market, where the average renter needs an annual income of just under $40,000. Following closely is McAllen, Texas, with a requirement of less than $48,000 in annual salary.
The study, conducted by Johnson, along with fellow researchers Shelton Weeks, Ph.D., of Florida Gulf Coast University, and Bennie Waller, Ph.D., of The University of Alabama, incorporated the rent-burdened metric into their monthly analysis of the most overvalued U.S. rental markets. Their analysis utilizes leasing data from Zillow’s Observed Rental Index, encompassing historical trends from 2014 and covering the entire rental stock of homes and apartments.
The latest findings also highlight Florida’s prevalence on the list of the most overpriced markets, with Cape Coral-Fort Myers, Miami, North Port-Bradenton, and Deltona all ranking within the top ten. Additionally, three U.S. markets, including Cape Coral-Fort Myers, Charleston, South Carolina, and Madison, Wisconsin, experienced double-digit year-over-year rent increases.
While seven markets observed month-over-month rent declines, including Fresno, California; North Port-Bradenton; Stockton, California; Akron, Ohio; Albany, New York; New Haven, Connecticut, and Tulsa, Oklahoma, researchers believe that a short-term solution could be an increase in shared housing arrangements.
“In the past, the nation has dealt with unaffordable housing in the short run by moving in together,” Waller said. “This is what seems most likely once again.”
However, they stress the importance of constructing more rental properties to address the growing demand and demographic shifts across the country, particularly in the Sun Belt states.
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