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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts