Miami 2nd-least affordable city in U.S. for single renters; 2nd-most unfriendly toward single women, study finds
MIAMI — Though world-renowned for its social scene and nightlife, many would believe that Miami would be a haven for singles; however, a recent study suggests that living in the Magic City alone is quite a burden on their finances.
According to RentHop's third-annual "Singles Index," which was released in December, Miami is the second-least affordable city in the United States for single renters.
Each year, the rental site calculates the housing burden on single people — or the percentage of income a person has to allocate to rent monthly to afford a studio apartment — in the largest cities in the country. For its third year, RentHop analyzed the data found to further understand the single renters' struggles by using median nonfamily income and nonfamily household income by sex data released by the U.S. Census Bureau.
According to RentHop, Miami remained the second-most unaffordable city for single renters in 2023, despite the median studio rent price dropping 4.06% from the previous year. Given the median nonfamily income of $48,826 compared to a $1,986 monthly rent for a studio, a single person would need to spend nearly half (48.81%) of their annual income on rent alone.
Additionally, RentHop found that Miami was also the second-most unfriendly city for single women. While single men in Miami face a housing burden of 41.89%, single women in Miami face a 71.92% housing burden, which means it's nearly twice as hard for a single woman to afford rent compared to a single man.
RentHop stated they found that many single renters feel the effects of the U.S. economic conditions when considering the gender wage gap. According to the Pew Research Center, the gap barely narrowed in 2022 — meaning that for every dollar men earned, women earned only 82 cents. And thus, it means that it's harder for women to buy or even rent a home independently.
The South Florida housing market in general has been especially tough on renters for the past few years. While a September 2023 Zumper study suggested that Miami's rental market is finally starting to show signs of cooling down, a July 2023 study by WalletHub ranked the cities of Hialeah, Miami and Fort Lauderdale as some of the least affordable housing markets in the country. And, a Florida Atlantic University joint report from June 2023 found that the average Miami renter has to have at least a six-figure salary to avoid being considered "rent burdened."
