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Miami Apparently Has The Most People Burdened With Rent
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As much as we want to spend the money we earn on things or experiences we want, we will always have to settle out monthly bills first. Bills can be one big bummer since this might leave us with barely even any savings. One of the things people usually have to set aside money for is rent.
Rent is something we always have to settle no matter what because we wouldn’t want to be thrown out of our homes and become homeless. Many people in the United States use at least 30% of their salary for their monthly rent and these easily makes them “rent-burdened”.
When we pay so much for rent, you might not be able to get to unwind properly anymore after a busy week of work. Spending so much just for our rent might not even leave you with enough funds for much-needed repair or a hard drive data recovery around Miami. Choosing where we live is definitely a crucial choice we have to make to survive.
The Struggle in Renting
In Miami, the people really struggle to make ends meet just to be able to pay for rent. In fact, it was reported by Freddie Mac that people from Miami top the list of the most rent-burdened people in the United States. Orlando, New York, Los Angeles, and San Diego are the next few places who are rent-burdened as well.
There was supposed to be affordable housing in Miami already and a $2 billion budget was allotted for it. Sadly, the Miami New Times reported that state lawmakers in Miami decided to use the housing budget on other projects. Having no affordable options leaves everyone in Miami paying a huge amount every month.
Rental rates are actually not what makes people Miami rent-burdened. They are burdened with paying their rent because their income isn’t big enough. Someone who is working in Miami makes around $35,000 in one year. The average monthly rent is $1,183 so you can just imagine how much they have to be wise with their spending.
High Rental Rates
People from New York and Los Angeles also struggle a lot because rental rates are pretty high. When people truly want to live on a budget, they would really have to sacrifice and settle for a place that might be a challenge or burden to live in. Only millionaires can really enjoy the luxury of a spacious and well-designed apartment.
Ken Russell, who is Commissioner of Miami, successfully lobbied an ordinance back in November 2018 wherein affordable housing in Miami will slowly be made available to those who are in dire need of it. This can be counted as baby steps but at least somebody is really trying to solve this problem in Miami.
The only way people in Miami will not be burdened with their rent completely is when their salaries go up. People will need to make at least $47,000 in one year for their rent to not take up more than 30% of their salaries. At the rate things are going, can the rent situation in Miami be anytime soon?