Report: Miami Renters Paying 154% Over Average

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Miami residents who aren’t homeowners are paying rent at an average that ranks among the top 10 highest in the country.

A new study by QR code generation service QR Code Generator analyzed rent prices for single-family homes across the 100 largest American cities as of May 31, 2024.

Miami was the ninth-highest city overall, with an average rent for a single-family home of $3,537.70 per month. Florida’s average monthly disposable income was found to be $5,033.08 per month, meaning that to afford to live in Miami, a Floridian would have to spend 70.29% of their monthly disposable income to afford to rent within the city.

Bridgeport, Connecticut, which is 60 miles from New York City, takes the top spot, with an average rent of $5,641.92 per month. Two of the top three highest averages included the usual suspects from the state of California: Los Angeles and San Jose, which ranked second and third highest, with average monthly rent prices of $4,317.13 and $4,297.20, respectively. California was the state that featured the most cities in the entire list, featuring ten cities of the 100 analyzed. Florida followed closely behind, with nine cities making the top 100.

California dominated the top ten, with five cities making the cut. The remainder of the top ten was spread evenly across Connecticut, Florida, New York, Massachusetts, and Virginia, each featuring one city.