WalletHub ranks Florida among least affordable cities for rental property

Florida cities are among the worst places to find affordable rental properties in America, according to a new study.

In an analysis of American cities published by WalletHub, no Florida cities cracked the top 100 for affordable rental prices. Jacksonville was the most affordable market in the state, finishing No. 125 nationally.

WalletHub analysts examined median annual gross rent among 182 cities across the U.S. and compared that to each area’s median household income. Analysts then developed a rental affordability score by determining the percentage of household income required to cover rent.

Jacksonville, the highest-ranked Florida city, posted an overall score of 46.1, requiring 25.16% of median household income to account for rental expenses.

St. Petersburg was the next Sunshine State city on the list at No. 153, with an overall score of 39.14. St. Pete requires 26.54% of household income to pay for rent, per WalletHub.

Fort Lauderdale was ranked No. 155 at a score of 37.84, with 26.76% of income needed to cover rental costs.

Bismark, North Dakota, topped the list with a perfect score of 100. Only 15.29% of median annual household income is required to cover rent costs. At No. 2 was Sioux Falls, South Dakota, with a rental score of 94.29 and 16.35% household income needed to cover rent. Cedar Rapids, Iowa, came in third, posting a score of 94.29, with 16.35% of income spent on rent.

Charleston, West Virginia, came in fourth and was the only city in a Southern state that made the top 10.

Other Florida cities that dotted the lower half of rankings, with three in the bottom 10. That’s more than any other state in that range. Connecticut is the only other state with more than one city in the bottom 10, with two.

Miami was ranked last in the entire country, coming in at No. 182 and requiring 33.77% of annual household income to cover rent. Orlando was No. 175 out of 182, and Pembroke Pines was No. 174.