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Sep 22, 2008 8:40 pm US/Eastern
South Florida Renters Spend Most In U.S
MIAMI (CBS4) ―
Renters, listen up! If you feel like a huge chunk of your paycheck is going to rent and utilities, you're not exaggerating!
Newly released U.S. Census numbers show that Florida is the least affordable state for renters. More than half the renting households in the state spend more than 30 percent of their income on rent and utilities.
South Florida renters are dealing with even worse numbers. 2/3 of renting households in Hialeah, Miami, Kendall and Boca Raton spend even more than 30 percent of their incomes.
Of course, homeowners don't have it easy, either. Just under half of the households with a mortgage pay more than 30 percent of their income on homeowner costs. That puts Florida third in the nation. The national average is 38 percent.
Again, South Florida homeowners see a spike compared to the rest of the state. More than 30 percent of a homeowner's income goes to homeowner costs in Hialeah, Miami, Miami Beach, Miami Gardens and Lauderhill.
Two of the three most expensive counties in the nation for homeowners are right in South Florida. Monroe County takes first place for mortgagees, but that's primarily because many residents are retired and on limited incomes. Miami-Dade comes in third.
(© 2008 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. CBS4 news partner The Miami Herald contributed material for this report)
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