MIAMI -- According to a report released by John Burns Real Estate Consulting, Miami prices would have to drop by more than 40 percent in order to return the city's income-housing cost to its historical ratio.

The Irvine, Calif.-based consultant calculated average wages versus average cost of home ownership -- including mortgage payments, property taxes and down payments.

The detailed report said housing would have to fall $145,000 from its current $350,000 average in order to restore the "historical affordability levels."

But despite recent record-breaking foreclosure months and an abundance of luxury high-rise condos being built, real estate prices in South Florida continue to hold relatively study.

Market analysts say that's because buyers won't budge because they know sooner or later prices will have to go down -- at least for new condos that have made up the majority of the recent real estate boom.

But so far sellers aren't negotiating on price much either.

Financial analysts expect that to change in the coming months, when thousands of adjustable-rate mortgages come due -- forcing financially strapped sellers and "flippers" to ditch the property or risk foreclosure.

But even if prices fall, it won't be enough to make a dent in South Florida's affordable housing shortage.

Under federal affordability guidelines, no more than one-third of a family's income should be dedicated to housing costs.

Rounding out the top three worst affordable housing markets are The Riverside and San Bernardino -- both in California.

The most affordable place to find affording housing, according to the report, is Indianapolis.

To see three affordable housing reports recently released on Miami-Dade County, CLICK HERE.