Miami Beach, Rent Prices on the Rise

By Becky Harris
Miami may not be very affordable for renters
As many people are choosing to rent over moving into a home of their own, rental costs in some cities have grown out of reach, according to Bloomberg. Affordable housing for renters has been on a steady decline over the past 10 years, and the housing crisis has only intensified this problem.People are beginning to see home ownership as a burden, not a benefit, according to The New York Times. As property values continue to drop from the saturation of foreclosed houses flooding the market, homes may appear to be a losing investment.For some renting becomes the safer option, but in many communities it may not be the financially affordable one, Bloomberg reports. Experts say that for housing to be considered affordable it must not cost more than 30 percent of a person’s income. People paying more are considered moderately burdened, and the U.S. Department of Housing found that almost half of all renters fall into this category.The cities with the most cost-burdened renters were Miami, McAllen Texas, and Detroit, according to the news source. In Miami the median gross rent is $1,040 and the median household income for renters is $31,900. This means that 34.2 percent of households have severe cost burdens.

About Pamela's Blog

Pamela Diaz-de-Leon With an accomplished background encompassing Diplomacy, Architecture, Business and Film, Pamela Diaz-de-Leon brings to the real estate industry the entrepreneurial expertise which stem from her interdisciplinary experience. Her world wide network of distinguished personalities carefully knitted of relationships formed in her five years as the Cultural Attaché for the Instituto Cervantes, serving the King of Spain, in Chicago, and her Hollywood connections acquired while working with a recognized film distributor, give her the global platform in which she has developed her business with great success. Knowledgeable, informed and organized she holds ethics and integrity as her highest values thus, providing her customers with an excellence of service that ensures their utmost satisfaction and their continued loyalty to her work. Office. 305.677.5055 Cell. 305.720.8439
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