Miami Becomes the Lease Affordable Housing Market in the United States

Welcome to Miami, Florida where the price of a home is rising faster than wages! Miami has recently taken the title of being the most expensive housing market in the country, surpassing New York City and Los Angeles.

Home prices in Miami have soared during the pandemic, propelled by the migration of out-of-state buyers and renters, many of whom have moved from the Northeastern part of the country.

Wages, however, are not rising at the same pace. In fact, a household in the city of Miami would have to contribute 78.7 percent of its income toward homeownership costs, according to RealyHop’s February affordability index. This is based on a median home price of $589,000 and a projected median household income of $43,401.

Rent has also jumped exponentially. One report found that rent in Miami rose 38% in 2021 – the highest gains nationwide.

Much of the local workforce, such as healthcare, education and first responders would need to earn more than three times their median annual salary to purchase a home, and nearly double their salary to rent a one-bedroom unit.

Experts predict price growth will slow as interest rates rise, but sales will continue to increase.