How much do households in the Miami, FL area spend on rent?
Data updated September 16, 2024
About $1.66K, or 39.2% of their income, in 2018–2022. This was measured by comparing median rent and median monthly income for renting households.
Showing data for
In 2018–2022, median rent was
39.2%
of median income
In 2018–2022,
$1.66K
was the median rent per month
Comparing rent to renter income provides one measure of rental affordability.
Miami, FL area’s median rent was about $1.66K per month in 2018–2022. Typical monthly income among renting households was about $4.23K per month during that same period.
A typical household spent about $1.66K on rent in the Miami, FL area.
Median rent and median renter household income, 2018–2022
Dividing rent by income provides what is called a rent-to-income ratio. A higher ratio of rent-to-income indicates rent is less affordable while a lower ratio indicates greater affordability.
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The Department of Housing and Urban Development considers households with a rent-to-income ratio of more than 30%, that is, households that spend more than 30% of their income on housing, to be cost-burdened. Cost-burdened households may have less money for other necessities such as food, healthcare, or savings. When median monthly rent is more than 30% of median monthly income, it means a typical household would meet the definition of housing cost-burdened.
Miami, FL area's rent-to-income ratio ranked 1 out of 22 Florida metros.
Ratio of median rent to median renter household income, 2018–2022
Compared to other metro areas in Florida, the Miami, FL area had the highest median rent and sixth highest median renter-household income. Out of the twenty-two metros in the state, the Miami, FL area’s rent-to-income ratio ranked twenty-second lowest.
The large metro average rent-to-income ratio was 31.4%.
Ratio of median rent to median renter household income, 2018–2022
Miami, FL area was a large metro. Large metros have over 1 million people. Compared to other large metros, Miami, FL area’s rent-to-income ratio was higher than is typical. The average among large metros was 31.4% in 2018–2022, 7.8 percentage points lower than in Miami, FL area.
Renter income and rent, large metro areas (2018–2022)
| 1. | Atlanta, GA area | $4,480 |
| 2. | Baltimore, MD area | $4,588 |
| 3. | Birmingham, AL area | $3,306 |
| 4. | Boston, MA area | $5,388 |
| 5. | Buffalo, NY area | $3,131 |
| 6. | Charlotte, NC area | $4,307 |
| 7. | Cincinnati, OH area | $3,462 |
| 8. | Cleveland, OH area | $3,222 |
| 9. | Columbus, OH area | $4,100 |
| 10. | Dallas, TX area | $4,738 |
