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Thursday, May 26 2011 - By Autumnn Darden
Miami is least financially friendly city for renters
As the country continues to deal with a relatively unstable economic and employment climate, many people are choosing to rent rather than buy, according to U.S. News and World Report. As the demand for these rental properties grew over the past several years, their affordability began to dwindle.
Experts believe that a person should not pay more than 30 percent of their income on their housing needs. If a person pays more than this amount they are considered moderately burdened, according to the U.S. Department of Housing. In 2009, half of all renters fell into this category. The city that has the most severely cost-burdened renters in the country is Miami, according to Bloomberg. The average renter there spends more than 27 percent of their income on rent. The number of people spending more than 30 percent of the income grew from 47.1 percent in 2000 to 64.5 percent in 2006. Other cities that are not renter relocation friendly include Detroit and New Orleans, the news source reports. What may be surprising to some people is the fact that Boston and New York City were not among the top 25 toughest cities for renters. More News |
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