After facing dramatic rent hikes, South Floridians must now work many more days full time to be able to afford the typical rent in the area, according to a new analysis.
At the average wage, workers in South Florida now would need to work a total of 96 hours — instead of 72 hours five years ago — the equivalent of working three more full-time days, Zillow found.
“Renters in Miami face the greatest affordability hurdles,” the report said. “That is over 24 hours more than Miami renters would have needed to work to pay rent five years ago, the biggest gap of the 50 largest U.S. metro areas.”
The typical rent in South Florida is about 16% higher, or $2,827, than it was a year ago. Five years ago, in 2017, a worker would have needed to work about 72 hours to afford the typical rent, which was $1,773.
On a national level, a renter making the average wage needs to work about 63 hours to afford the typical U.S. level rent of about $2,040, about a full time day more than they needed to five years ago.
Other areas in Florida also have seen large increases: To afford the typical rent in Orlando, a renter would need to work 67 hours, up 11 hours from five years ago. In Tampa, it would take 69 work hours, up 20 hours from five years ago.
Most of the more affordable rents are in the Midwest: In St. Louis, a resident who makes the average wage needs to work 37 hours to pay the typical rent of $1,272, the same amount it took five years ago.
In Milwaukee, it takes 37 hours of work to afford the rent, up one hour from five years ago. In Buffalo, it takes about 41 hours, up three hours from five years ago.
How much have rents started to slow?
Signs have indicated that while rents in South Florida are still significantly higher than they were a year ago, the rate of growth could be slowing.