Growing Population Of Renters Paying Big Bucks To Live In Miami

Miami has the highest proportion of residents who rent, and they are willing to shell out a big chunk of their income to live in the city, according to a new report.

Miami’s rental population increased 25% between 2006 and 2013, the second highest nationwide. Those moving to Miami are wiling to pay a higher percentage of their income to live here, with 39% of residents paying half their income or more in rent, second highest after New York.

The study says that 65% of the population now rents in Miami, surpassing long-time leader New York City at 64%.