In the Miami metro area, 61 percent of renters spend more than the recommended maximum of 30 percent of their income on rent. Of those, 35 percent spend more than half of their income toward rent.
CBS News found the markets with the highest shares of cost-burdened renters. Miami ranked first, followed by Los Angeles, Deltona-Daytona Beach, Fla., Riverside-San Bernardino, Calif., and Honolulu rounded out the top five. More than half of the renter population in each metro is cost-burdened.
People who spend more on rent have less money for staples such as food, clothes, and medication, and they have issues saving up to buy a house.
The number of "severely cost-burdened" renters is growing as well, with 11.1 million households now spending more than half their income on rent, an increase of 3.7 million from 2001. … The typical renter has household income of less than $38,000 per year, or about half of what a typical homeowner earns in a year.
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