Miami rent is too high — that’s according to analysis that concludes a large majority of renters are spending too much of their incomes toward housing in the city.
But don’t expect the rental crisis to improve in 2018. It only gets worse from here, according to a study by the personal finance website GOBankingRates. The study places Miami at No. 10 among United States cities to see the largest increases in living expenses during the new year.
Seattle, which is home to Amazon’s headquarters, can attribute the online titan’s presence to a 5.73 percent hike in rent costs. The Washington state city is No. 2 on the list, following Portland, Oregon.
Here’s the full list, which is based on three criteria: home value forecasts, rental costs forecasts and changes to the Consumer Price Index by the Bureau of Labor Statistics.
- San Diego
- San Fransisco
- Dallas-Fort Worth
The median price of Miami rent, as of Oct. 31, is $2,200, according to Zillow. But with projected rental costs expected to shoot up 2.38 percent, renters could who dish out $2,200 for a roof over their heads would be funneling an additional $630 toward rent in 2018.
The study isn’t all doom and gloom. It predicts a 1.39 uptick in the value of Miami homes in 2018 — great news for current homeowners, though not so hot for potential buyers.