If you think that 32% of $71,456 a year is $6,000 a month, it explains why you still rent and don’t own a house. You can’t do simple arithmetic.
In Massachusetts, Florida and New York, Americans spend 32.9%, 32.6% and 31.2% of their income respectively on rent. Assuming you make $71,456 (the mean American income as of 2022), if you live in the Sunshine State, you’re actually sitting under a dark cloud: paying close to $6,000 a month in rent, based on those income and 32.9% figures.
I really don’t know where they are getting these “average” numbers from. Florida has a median household income of $61,777. (source: US Census bureau) When you want to borrow money for a home purchase, lenders want you to have a Debt to Mortgage ratio of no more than 35%, and a total Debt to Income ratio of no more than 50%. So that equates to a payment of $1650 per month for housing (35%) and all monthly debts that are no more than $2,575 per month. (including housing)
In most places, that gets you a pretty decent place to live. There are places claiming that the median one bedroom apartment in Florida costs are higher than they really are. Rent.com claims that renting a one bedroom in Miami costs an average of $3,250 a month. That’s about average in places like South Beach, but South Beach is a VERY expensive area where oceanfront condos regularly rent out for $25,000 a month. But if you don’t make a pile of money, don’t live in Miami Beach.
Closer to my home, there is the Orlando area. There are over 900 one bedroom apartments there for less than $1,600 a month. Go out to the suburbs, and the rents are even less. You can rent houses that are a short commute away, and pay $1,600 a month for a three bedroom house.
The problem is that people want luxury living in the most desirable areas and think it should be free. IF you are living on minimum wage, expect a minimum standard of living. My mom used to call that “Having a champagne and caviar taste on a beer and crackers budget.”