Miami is now the least affordable place to live in the US as average rents now rival New York City and San Francisco, new real estate data shows.
Prices have soared to nearly $3,000 per month this year as amid a mass migration of wealthy residents from the Big Apple and Silicon Valley during the pandemic.
The loaded remote workers are continuing to take advantage of the prime market and heading for the Sunshine State but local wages are yet to catch up.
Miami’s median monthly rent – currently $2,930 – calls for a whopping 60 percent of a tenant’s typical income – nearly 14 percent higher than that of LA, the city that thrusts the second-highest burden on renters, with 46 percent and an average rent of $2,993, according to Realtor.com.
The number serves as nearly double the amount…
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