Worst market for renters: Miami
Bang for Your Buck score: 14.84
The Magic City is anything but magical for renters.
Gudell says that's because Miami, like nearby Hialeah, has high rents and low home prices as a result of America's foreclosure crisis. "The South Florida region was hit incredible hard and had tons of foreclosures that they're still dealing with," she says.As such, the median Miami residence has an above-average $1,811-a-month rental value -- and that's rising 5.91% a year, or nearly three times the U.S. median rate. The typical Miami rental also lists for $2.24 a square foot, the eighth-highest price for any big American city. Lastly, Miami has a below-average 2.09-year break-even point for renting vs. buying, a bad sign for tenants. "For a lot of people, it would pay off to buy a place in Miami rather than rent," Gudell says.
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