{"id":505120,"date":"2024-09-12T19:27:55","date_gmt":"2024-09-12T23:27:55","guid":{"rendered":"https:\/\/www.rent.com\/research\/?p=505120"},"modified":"2024-09-12T19:27:56","modified_gmt":"2024-09-12T23:27:56","slug":"miami-fl-college-grad-affordability","status":"publish","type":"post","link":"https:\/\/www.rent.com\/research\/miami-fl-college-grad-affordability\/","title":{"rendered":"Recent College Graduates Can\u2019t Afford to Rent Alone in Miami"},"content":{"rendered":"\n

Recent college grads have to pay nearly 52% of their income to afford a typical one-bedroom apartment in Miami \u2013 among the highest shares in the nation <\/h3>\n\n\n\n

Recent college graduates have a lot to look forward to. Their future lies ahead of them as they hunt for a dream job and search for a great place to live in a new city. Unfortunately, that last part can be a sticking point. <\/p>\n\n\n\n

As rents have skyrocketed<\/a> since the pandemic, college graduates have had a harder time<\/a> finding an affordable place to live. This trend is especially pronounced in Miami, FL, where recent grads have to spend the majority of their income to afford a rental home on their own. <\/p>\n\n\n\n

So what\u2019s happening in the rental market? Why is Miami so unaffordable for recent college graduates? Read on to learn everything you need to know. <\/p>\n\n\n\n

Recent graduates in Miami must pay nearly 52% of their income on rent to live alone<\/h2>\n\n\n\n

Recent college graduates have to spend 51.7% of their income to afford a one-bedroom apartment (\u201clive alone\u201d) in Miami, FL. This is the sixth-highest share in the nation, and means the typical grad is severely rent burdened. Affordability has greatly improved since 2023, though, when a graduate needed to spend nearly 60% of their income on rent.<\/p>\n\n\n\n

\u201cRent burdened<\/a>\u201d is defined as a household that spends more than 30% of their income on housing. \u201cSeverely rent burdened\u201d is a household that spends more than 50% of their income on housing. <\/p>\n\n\n\n

Miami is unaffordable because of its high asking rents and moderate median salary among recent graduates<\/strong>, which is currently level with the national median, at $60,277. The median one-bedroom apartment costs $2,123, the seventh-highest in the nation. <\/p>\n\n\n\n

However, when looking at recent graduates with a roommate (i.e. renting a two-bedroom apartment), the typical grad in San Diego needs to spend 31.0% of their income on rent. This still qualifies as \u201crent-burdened,\u201d but is a more affordable option.<\/p>\n\n\n\n

This disparity exists across most Florida metros, like Orlando<\/a>, which have seen effective rents rise by nearly $800<\/a> since the pandemic without a comparable rise<\/a> in salaries. Inflation across the rest of the economy has made this even more pronounced.<\/p>\n\n\n\n

When accounting for the entire city\u2019s population, 64%<\/a> of Miami residents were rent burdened in 2023 \u2013 the highest share in the nation and well above the national average<\/a>. Statewide, 60.3% of renters<\/a> were rent burdened in 2023. <\/p>\n\n\n\n

Nationwide recent college graduate rental affordability<\/h2>\n\n\n\n

Nationwide, recent college grads have to pay 35.7% of their income to afford a one-bedroom apartment. This is down from 39% in 2023, underscoring how rents have stabilized and wages have increased in the past year. Let\u2019s dig a bit deeper.<\/p>\n\n\n\n

Generally, asking rents have held steady<\/a> since late 2023, due to a surge<\/a> of new construction buying supply and waning<\/a> pandemic-era migration hampering demand. This is a major reason why most metros became more affordable for recent college grads in the past year. An increase<\/a> in wages, especially<\/a> among low-income groups, has also helped improve affordability \u2013 even outpacing<\/a> historic inflation. <\/p>\n\n\n\n

However, even though new apartment construction has helped satiate demand, much of it has been catered to higher-income renters. From 2012-2022, an additional 8.4 million units rented for more than $1,400\/month, compared to a decrease<\/em> of 2.1 million units renting for less than $600\/month. $1,400\/month is an unaffordable rent for a majority of Americans<\/a>. And while wages have risen faster than inflation, rents climbed even faster<\/a> in large metros from 2019-2023, seriously straining budgets. <\/p>\n\n\n\n

Even still, America\u2019s renter population is growing three-times faster than its homeowner population, in part because house prices are at record highs. Nearly 40%<\/a> of U.S. renters don\u2019t believe they\u2019ll ever own a home. Mortgage rates have been falling<\/a> recently, though, providing a glimmer of hope. <\/p>\n\n\n\n

Metro-level highlights <\/h2>\n\n\n\n

Nationwide, 29 out of the 33 metros analyzed require recent college graduates to spend more than 30% of their income on rent for a one-bedroom apartment. The four that are below the benchmark are Houston<\/a> (27.0%), Detroit<\/a> (27.8%), Austin<\/a> (28.3%), and Cincinnati<\/a> (29.9%). <\/p>\n\n\n\n

These trends flip when looking at two-bedroom apartments: 27 out of 33 metros are affordable<\/em> to recent grads, with just the most expensive coastal metros requiring more than 30% of a grad\u2019s income. In general, many of the most affordable metros are in the Rust Belt, where housing costs are among the lowest in the country.<\/p>\n\n\n\n

One of the most interesting metros in the dataset is Austin, which went from unaffordable (35.2%) to affordable (28.3%) in one year. This makes sense; Austin was the poster child for booming metros during the pandemic, seeing a huge surge in migration<\/a> from 2020 to mid-2022. This flood of new money and demand led to skyrocketing housing costs<\/a>, large inflation increases, and a surge in new construction<\/a>. However, once the sharp interest rate hikes and return-to-office mandates started in 2023, the city\u2019s fortunes reversed, leading to price drops and population loss<\/a>. Now, some property managers are having to compete<\/a> for tenants.<\/p>\n\n\n\n

San Jose is also surprisingly affordable to new grads, despite having the highest rents in the country. This is because a lot of recent grads in the Bay Area are working high-paid Silicon Valley tech jobs, making six-figures<\/a> right out of college. The median salary for recent grads in San Jose is $108,449, for example. <\/p>\n\n\n\n

10 Least Affordable Metros for Recent College Graduates<\/h2>\n\n\n\n
Metro<\/strong><\/td>2024: Share of income college grads need to spend for 0-1 bedroom apartment<\/strong><\/td>2023: Share of income college grads need to spend for 0-1 bedroom apartment<\/strong><\/td>2024: Share of income college grads need to spend for 2 bedroom apartment<\/strong><\/td>2023: Share of income college grads need to spend for 2 bedroom apartment<\/strong><\/td>Estimated median salary of recent college grads<\/strong><\/td>Median asking rent: 0-1 bedrooms<\/strong><\/td>Median asking rent: 2 bedrooms<\/strong><\/td><\/tr>
New York, NY<\/a><\/td>56.3%<\/td>58.0%<\/td>35.3%<\/td>36.7%<\/td>$72,332<\/td>$2,752<\/td>$3,459<\/td><\/tr>
Los Angeles, CA<\/a><\/td>54.9%<\/td>63.2%<\/td>35.9%<\/td>40.3%<\/td>$63,894<\/td>$2,430<\/td>$3,175<\/td><\/tr>
Boston, MA<\/a><\/td>54.8%<\/td>57.4%<\/td>31.7%<\/td>33.9%<\/td>$72,332<\/td>$2,600<\/td>$3,015<\/td><\/tr>
Riverside, CA<\/a><\/td>53.7%<\/td>56.7%<\/td>32.6%<\/td>34.4%<\/td>$54,249<\/td>$2,068<\/td>$2,450<\/td><\/tr>
San Diego, CA<\/a><\/td>53.7%<\/td>67.6%<\/td>32.6%<\/td>42.2%<\/td>$69,921<\/td>$2,395<\/td>$2,910<\/td><\/tr>
Miami, FL<\/a><\/td>51.7%<\/td>59.8%<\/td>31.9%<\/td>34.1%<\/td>$60,227<\/td>$2,124<\/td>$2,550<\/td><\/tr>
San Jose, CA<\/a><\/td>44.7%<\/td>49.6%<\/td>27.8%<\/td>30.9%<\/td>$108,449<\/td>$2,900<\/td>$3,614<\/td><\/tr>
Sacramento, CA<\/a><\/td>44.6%<\/td>50.3%<\/td>27.8%<\/td>30.6%<\/td>$57,866<\/td>$1,784<\/td>$2,227<\/td><\/tr>
San Francisco, CA<\/a><\/td>43.7%<\/td>52.4%<\/td>27.0%<\/td>31.4%<\/td>$84,388<\/td>$2,420<\/td>$2,994<\/td><\/tr>
Orlando, FL<\/a><\/td>42.9%<\/td>48.8%<\/td>25.7%<\/td>30.0%<\/td>$49,186<\/td>$1,565<\/td>$1,877<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Table sorted by average share of 0-1 bedroom rentals affordable to recent college graduates<\/p>\n\n\n\n

Methodology<\/h2>\n\n\n\n

According to a Redfin analysis<\/a> analyzing rents in apartments with five or more units from Redfin.com and Rent.com through July 2024 among the 33 most populous U.S. metros. The analysis estimated 2024 salaries for employed college graduates aged 22-29 (\u201crecent college grads\u201d) using U.S. Census Bureau\u2019s 2022 American Community Survey data and 2023-2024 wage growth data from the Atlanta Federal Reserve. To be included, a grad must have had an annual income of at least $15,000 at the time of the survey. <\/p>\n\n\n\n

An \u201caffordable\u201d rental is defined as one where the asking rent is no more than 30% of the local estimated income for recent college grads. Graduates who rent apartments above the 30% cutoff are considered \u201crent burdened.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The typical recent college grad has to spend over 30% of their income on rent. In Miami, the amount recent grads need to spend jumps up to over 50%. What\u2019s causing this? <\/p>\n","protected":false},"author":1022,"featured_media":496139,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19835,19832,19828],"tags":[],"topics":[195,202],"renters":[],"cities":[],"propertymanagement":[],"class_list":["post-505120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-trends","category-renting-trends","category-research","topics-data-research","topics-news-trends"],"acf":[],"yoast_head":"\nMiami Is Unaffordable for Recent College Grads | Rent. Research<\/title>\n<meta name=\"description\" content=\"The typical recent college grad has to spend over 30% of their income on rent. In Miami, that share jumps up to over 50%. 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