The Miami market is now the highest in the nation, surpassing NYC
According to The Real Deal, 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 Northeast. Wages, meanwhile, have not risen at the same pace.
A household in the city of Miami would have to contribute 78.7 percent of its income toward homeownership costs, according to RealtyHop’s February affordability index. That’s based on a median home price of $589,000 and a projected median household income of $43,401.
Miami has moved higher in the ranking of least affordable cities for housing in recent months, eclipsing Los Angeles in October to take the No. 2 spot.
New York became the second least affordable city in February. A household in New York City would have to spend close to 78 percent of its income on homeownership costs, including mortgage payments and property taxes. That’s based on a median annual household income of $68,259 and median home price of $970,000.