Introduction to the Rental Market
It’s a hard reality that many residents didn’t need a study to confirm—the rent in the Magic City is just too high. A WalletHub report analyzed rental prices to come up with a list of the cities with the most affordable rent across the United States. Out of the 182 cities, Miami, Florida, came in dead last.
Miami’s Rental Affordability
How much is too much to spend on rent? Well, it depends on your income, and what percent of it goes to rent. WalletHub explains: “In the most affordable cities for renters, the median cost of rent is as low as 15% of the median income, compared to more than 33% in the most expensive cities. This gives people in the least expensive cities a clear financial advantage; the money they save on rent could go toward their emergency fund or savings for future home ownership.” In Miami, the bad news is that a little more than a third (33.48%) of the median annual household income is what’s needed to afford the median annual gross rent. Specifically, the median annual rent is $19,884, while the median annual household income is only $59,390, WalletHub says.
The Most Affordable Rent in the U.S.
To find the most affordable rent in the country, you’ll have to travel northwest, to the Dakotas and Wyoming. Bismarck, North Dakota, where just 15.34% of the median annual household income is what’s needed to pay for the median annual gross rent, takes the top spot. It’s a city that in 2023 had a population of just 75,092 people, according to U.S. Census data. In second place is Sioux Falls, South Dakota, where the percentage is just a little higher, at 15.95%. This city is larger, with a population of 206,410 in 2023. Cheyenne, Wyoming, comes in third, with 16.09% of the median annual household income being enough to pay for the median annual gross rent. In 2023, the population was 65,168.
Ranking of the Most Affordable Cities
The following table shows the top 10 cities with the most affordable rent:
| Overall Rank* | City | Total Score | Median Annual Gross Rent as % of Median Annual Household Income |
|---|---|---|---|
| 1 | Bismarck, ND | 100.00 | 15.34% |
| 2 | Sioux Falls, SD | 96.64 | 15.95% |
| 3 | Cheyenne, WY | 95.84 | 16.09% |
| 4 | Cedar Rapids, IA | 94.38 | 16.36% |
| 5 | Fargo, ND | 92.79 | 16.65% |
| 6 | Charleston, WV | 92.48 | 16.70% |
| 7 | Casper, WY | 92.37 | 16.72% |
| 8 | Overland Park, KS | 91.86 | 16.81% |
| 9 | Juneau, AK | 88.34 | 17.45% |
| 10 | Anchorage, AK | 86.63 | 17.76% |
Courtesy: WalletHub
Comparison with Miami
The largest of these cities is still less than half the population of the City of Miami, which was 455,924 in 2023. (For what it’s worth: none of the top 10 most affordable cities are near a beach you’d want to go to year-round.)
Conclusion
In conclusion, the rental market in Miami is one of the least affordable in the United States, with over a third of the median annual household income going towards rent. In contrast, cities in the Dakotas and Wyoming offer more affordable options, with lower percentages of income spent on rent. This disparity highlights the need for affordable housing solutions in cities like Miami.
FAQs
Q: What is the median annual rent in Miami?
A: The median annual rent in Miami is $19,884.
Q: What percentage of the median annual household income is spent on rent in Miami?
A: In Miami, 33.48% of the median annual household income is spent on rent.
Q: Which city has the most affordable rent in the U.S.?
A: Bismarck, North Dakota, has the most affordable rent, with 15.34% of the median annual household income spent on rent.
Q: What is the population of the City of Miami?
A: The population of the City of Miami was 455,924 in 2023.
