A fixed monthly budget of $1,500 now buys just 498 square feet of living space in Miami, roughly the size of a two-car garage. According to a RentCafe study tracking 14 Florida cities, Miami ranks last for space per dollar, falling nearly 30% below the national average. This shrinkage is driven by an influx of high-earning out-of-staters, which nearly doubled Miami’s millionaire population over a decade.

Meanwhile, local incomes have failed to keep pace. Between 2019 and 2024, fair market rents for a two-bedroom ...