“Ray shared data showing that workers would need to make almost $30 an hour in order to rent a standard two-bedroom apartment in the Miami area without experiencing cost burdens. As of 2021, Miami’s median hourly wage was $18.59, creating a situation where many residents are forced to spend upward of 50 percent of their incomes on housing alone. The conventional financial wisdom is that households should spend no more than 30 percent of their incomes on rent.
Already in 2019, some were sounding the alarm about Miami’s rising housing prices. One study commissioned by the housing group Miami Houses for All in collaboration with city and county officials found that Miami was the third-most expensive metropolitan area in the entire country for housing costs. The same study found that over 50 percent of households in Miami were spending more than they could afford on rents and mortgage payments.”