WalletHub study: When it comes to affordable rent, Florida is the bottom of the barrel

it may make more sense to rent instead of owning a home in Southern states.

When it comes to affordable rent, Florida is not among the best places to live in the United States.

A new WalletHub study, in fact, found Miami to be the least affordable city for residential rental rates out of the 182 largest towns in America, and Orlando wasn’t much better.

WalletHub analysts compared 182 total cities, including the top 150 most populated locations along with the two most populated cities in each state. The analysts calculated the median annual gross rent and median annual household income to come up with a rental score, with 100 being the best, along with the percentage of income that went to paying the rent.

Miami had the worst rental score at a flat zero. It takes a staggering 33.4% of the median income in order to cover the monthly rental payment in the South Florida metropolis.

Orlando did a little better, but was still near the bottom of the list. Orlando came in 176th with a 26.99 rental score. Around 38.5% of the median income in the Central Florida town is needed to cover rent.

The most affordable rental market in Florida, according to the study, was Jacksonville, which finished 121st on the WalletHub list with a rental score of 48.76. And Jacksonville requires 24.63% of the median income to cover monthly rental payments.

Other cities between Jacksonville and Orlando included St. Petersburg at No. 140, Tampa at No. 154, Tallahassee at No. 156, Fort Lauderdale at No. 157, Port St. Lucie at No. 164, Cape Coral at No. 167 and Pembroke Pines at No. 172.

Many of the rent-affordable cities that made the top 10 were in more sparsely populated states. Bismarck, North Dakota, was ranked first with a perfect rental score of 100. An eye-popping 15.34% of the median income is necessary to cover the rent. Sioux Falls, South Dakota, was second and Cheyenne, Wyoming, finished third.

WalletHub analysts did provide some advice for renters in the pricier rental markets. If those renters want to cover that monthly payment, they need to establish more capable budget skills, consider getting a roommate, look for rentals that include utilities and get a rent-controlled unit.

But the most important advice may be the most obvious: Don’t overdo it when it comes to picking a rental unit.

“The larger your living space is and the more amenities it has, the more it’s going to cost you in rent. Giving up some comforts now can help you save money and enjoy better living conditions in the future,” the study concluded.