MIAMI – Since the early in the COVID-19 pandemic in 2020, when snowbirds and tech companies from out west began flocking down to sunny South Florida, there has been an unprecedented real estate boom in South Florida — and it doesn’t seem to be changing anytime soon.
According to the October 2021 Housing Affordability Index report by RealtyHop, which analyzes the affordability of housing markets in the United States, Miami has officially overtaken Los Angeles as the second least affordable housing market in the country.
In their September 2021 report, Miami had ranked No. 3 on their list of least affordable housing.
Now, Miami has come in second only to New York City, which has maintained its reputation as the most expensive housing market in the country for numerous years. In New York City, the current median household income is $63,998 and the median home price is $958,000.
“Miami overtook L.A. as the second most expensive housing market in the nation, even though the price decreased slightly since our last report,” states the report. “A household in Miami should expect to pay $2,653 per month toward homeownership costs, or roughly 81.55% of median incomes.”
Therefore, according to the report, the average Miami household should expect to spend 81.6 percent of their median income on homeownership costs.
Currently, the median household income in Miami is $39,049, while the median home price is $549,000, according to the report’s findings.
To read their complete October 2021 Housing Affordability Index report, click here.