First-of-the-month fright? Here’s where Pines ranks in affordability for renters
If you’ve been pinching pennies to make it to the start of next month, you’re not alone — Pembroke Pines has been dubbed a hub for high-cost rent, a new study shows.
The southwest Broward city landed in the bottom 10 among U.S. cities for rental affordability, according to an April 15 WalletHub study, following a yearslong trend of climbing prices that don’t match local wage increases.
Per the Miami-based personal finance company, rent has jumped over 50% in the past decade while wages have relatively stagnated or slowed in growth, “making housing increasingly difficult for many people to afford.”
To track the most inexpensive cities for renters, WalletHub compared 182 U.S. cities — sizing up 150 of the nation’s most-populated cities and at least two of the largest municipalities in each state — to the median household income in each location.
Where did Pembroke Pines rank? No. 174.
Rent costs approximately 28.85% of a Pines resident’s median annual household income, per the report.
If that’s a mood dampener, know you’re in solidarity with most of Florida, which had 10 cities rank within the bottom 68th percentile of WalletHub’s study.
Faring better than Pembroke Pines were Jacksonville (125), St. Petersburg (153), Fort Lauderdale (155), Tallahassee (158), Tampa (159), Cape Coral (171) and Port St. Lucie (172).
Trailing Pembroke Pines were Orlando (175) and Miami, which took last place at No. 182 and snagged the title of least-affordable city for renters in the U.S.
Residents in the Magic City spend approximately 33.77% of their household income on where they stay, the study says.
What to do about surging rent prices? WalletHub says you’ve got several options.
You could consider moving to Bismarck, North Dakota, Sioux Falls, South Dakota, or Cedar Rapids, Iowa, which topped the personal finance company’s list as America’s most inexpensive cities for rent.
If Midwest living isn’t your style, WalletHub recommends these tried-and-true tips:
- Pick smaller spaces with fewer amenities. The more luxury you aim for, the more it will cost you.
- Work on your budgeting skills. Learn to balance your rent with other cost-of-living expenses.
- Find a roommate — or several — to split the rent.
- Look for places with utilities included in the rent, such as water, electricity and gas.
- Take care of your living space. This will ensure you get your security deposit back in full.
- Shop for a rent-controlled unit. Only seven states have limits to how much landlords can charge or increase rent, but it could prove an affordable, long-term solution.
