Where are Renters Spending the Highest and Lowest Share of Their Incomes on Rent?

(3/3/25)  South Florida has always been a pricey apartment market, and the latest data doesn’t seem to indicate that renters there will see relief any time soon.

According to an analysis released by Realtor.com in February 2025, South Florida (the Miami-Fort Lauderdale-West Palm Beach metro) ranks first on a list of the top 10 metropolitan areas where renters are spending the highest share of their income on rent. Renters in South Florida spend 37.6% of their income on rent – a tie with the New York/New Jersey area. The median rent for an apartment in South Florida is, according to Realtor.com, $2,328.

Rounding out the top five metros where renters are spending the highest share of their income on rent, after South Florida and New York City:  Los Angeles-Long Beach-Anaheim, Calif. (35.9%), Boston-Cambridge-Newton, MA-NH (32.1%) and San Diego-Chula Vista-Carlsbad, Calif. (31.4%).

“Rent affordability isn’t just about high prices,” said Hannah Jones, a Realtor.com economic data analyst. “It’s about how rent compares to local incomes. Markets like Miami, New York and Los Angeles are expensive both outright and relative to wages, while places like Tampa and Milwaukee see high rent burdens due to generally lower incomes.”

The least rent-burdened markets in the country are Oklahoma City, where renters spend 17.1% of their income on rent; Austin, Texas (17.2%) and Columbus, Ohio (17.7%). The median rent for an apartment in Oklahoma City is $1,021.