Miami Becomes Least Affordable City in America Amid Rising Costs
Miami has been ranked as the least affordable city in the United States according to a recent study by WalletHub. The study assessed rental affordability by comparing median rent to median household income, placing Miami last out of 182 cities. The average rent in Miami is approximately $3,150 per month, while the median household income is around $62,000 annually. This disparity has led to residents spending nearly half of their income on housing. The cost of living in Miami has surpassed that of New York City when adjusted for local incomes, driven by significant increases in consumer prices since 2019. 
