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Study shows Miami is the fifth least affordable large city to buy a home

The average home price in Miami is currently $372,335, while the median household income is $42,966, according to the report.

FILE - In this Feb. 21, 2020 file photo, a home is shown for sale in Surfside, Fla. U.S. home prices jumped in October by the most in more than six years as a pandemic-fueled buying rush drives the number of available properties for sale to record lows. (AP Photo/Wilfredo Lee, File)
FILE - In this Feb. 21, 2020 file photo, a home is shown for sale in Surfside, Fla. U.S. home prices jumped in October by the most in more than six years as a pandemic-fueled buying rush drives the number of available properties for sale to record lows. (AP Photo/Wilfredo Lee, File) (Copyright 2019 The Associated Press. All rights reserved)

MIAMI – With interest rates being the lowest they have been in years, many people are taking advantage of buying homes in 2021 throughout cities across the country. However, when it comes to purchasing real estate in Miami, homebuyers may not be as fortunate.

In AdvisorSmith’s most recent study, “Most and Least Affordable Cities for Homebuyers,” they examined 592 metropolitan areas in the U.S. to find the top 10 small, midsize, and large cities that have the most and least affordable housing markets for homebuyers.

According to their findings, Miami is the fifth least affordable large city to buy a home.

Their research shows that the price-to-income multiple in Miami, is 8.7, while the average price-to-income ratio was 4.8 nationwide.

Furthermore, the average home price in Miami is currently $372,335, while the median household income is $42,966.

To view the report in detail, click here.


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