The cost of housing has long been a concern for many Americans, and the COVID-19 pandemic has further accentuated the challenges of affordable living in certain cities. As rental prices soar and incomes struggle to keep up, the rent-to-income gap has become a significant issue, making it difficult for residents to afford a place to call home.
Using data sourced from the Chamber of Commerce, we’ve compared the median income and rent for different U.S. cities to rank the hardest places to afford rent in 2024.
In this article, we explore the top 10 U.S. cities with the highest rent-to-income gap, shedding light on the disparities and financial burdens faced by renters in some of America’s top urban centers.
Here are the hardest cities to afford rent in the U.S. in 2024 based on the rent-to-income gap.
- Miami, Florida —$78,713
- New York, New York — $74,483
- Hialeah, Florida — $47,531
- Oxnard, California — $44,049
- Santa Ana, California — $41,945
- San Diego, California — $35,184
- Los Angeles, California — $34,049
- Boston, Massachusetts — $33,923
- Chula Vista, California — $33,866
- Port St. Lucie, Florida — $32,415
Related: Most Expensive U.S. Cities To Rent A One Bedroom Apartment In 2024
U.S. Cities With Highest Rent-to-Income Gap
The rent-to-income gap is the discrepancy between the median cost of renting a one bedroom apartment versus the median income in each state.
The median income for residents in Miami, Florida is just $41,287. However, rent costs around $3,000 per month, which can put a significant strain on most low-income individuals and families. In order for renters to remain below the recommended 30 percent spending limit on housing expenses, an individual must earn $120,000 per year. That is 190 percent
Let’s break down the 10 cities that have the highest rent-to-income gap in the U.S.
Related: Top 50 Cheapest Places To Rent & Live In The USA
10. Port St. Lucie, Florida — Rent-To-Income Gap: $32,415
Port St. Lucie, a city in Florida known for its beautiful beaches and golf courses, faces a rent-to-income gap of $32,415. As rental prices increase, residents must navigate the challenges of housing affordability while striving to achieve financial stability.
These cities represent a cross-section of the challenges faced by renters across the United States. The rent-to-income gap highlights the pressing need for affordable housing solutions and the importance of fostering economic opportunities for all, ensuring that cities remain vibrant and inclusive places to live.
9. Chula Vista, California — Rent-To-Income Gap: $33,866
Chula Vista, California, a suburban community in San Diego County, grapples with a rent-to-income gap of $33,866.
As housing costs rise, renters in the area may find themselves with limited disposable income, impacting their ability to save or invest for the future.
8. Boston, Massachusetts — Rent-To-Income Gap: $33,923
Boston, a city rich in history and culture, also faces contemporary challenges with a rent-to-income gap of $33,923.
As one of the oldest cities in the country, its housing costs can put significant strain on the finances of renters, affecting their overall quality of life.
7. Los Angeles, California — Rent-To-Income Gap: $34,049
Los Angeles, a major cultural and economic hub, confronts a rent-to-income gap of $34,049.
With the city’s popularity and demand for housing, many renters face financial stress, limiting their ability to build wealth and achieve long-term financial security.
6. San Diego, California — Rent-To-Income Gap: $35,184
San Diego, known for its pleasant climate and beautiful coastline, also contends with a rent-to-income gap of $35,184.
As rental prices continue to climb, residents may find themselves facing tough choices between housing costs and saving for the future.
5. Santa Ana, California — Rent-To-Income Gap: $41,945
Santa Ana, California, located in Orange County, faces a rent-to-income gap of $41,945.
The high cost of living in the region can strain the finances of renters, making it challenging to build savings or afford other essential expenses like healthcare, education, and transportation.
4. Oxnard, California — Rent-To-Income Gap: $44,049
Oxnard, California, known for its coastal charm, faces a rent-to-income gap of $44,049.
With rental prices on the rise, many residents in Oxnard must allocate a significant portion of their income to housing, impacting their ability to pursue other financial goals and enjoy a comfortable standard of living.
3. Hialeah, Florida — Rent-To-Income Gap: $47,531
Hialeah, a city in Florida, is facing its own challenges with a rent-to-income gap of $47,531.
The rising housing costs put considerable pressure on its residents, making it difficult to save, invest, or meet other essential needs.
The struggle to find affordable housing has become a pressing issue for many Hialeah residents.
2. New York, New York — Rent-To-Income Gap: $74,483
New York City, the iconic metropolis that never sleeps, is renowned for its diversity and opportunities.
However, its astronomical rent prices have led to a considerable rent-to-income gap of $74,483.
As one of the most sought-after locations in the world, New York’s housing market remains highly competitive, pushing many renters to dedicate a substantial portion of their income to rent, making financial stability a constant concern.
1. Miami, Florida — Rent-To-Income Gap: $78,713
Miami, known for its vibrant culture and beautiful beaches, also holds the dubious distinction of having the highest rent-to-income gap in the United States.
With a staggering gap of $78,713, the average renter in Miami faces immense challenges in balancing their housing costs with their income.
Despite being a popular destination, this financial burden poses significant difficulties for both local residents and newcomers looking to settle in this lively city.
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