According to a RealtyHop report, Miami is the most expensive real estate market in the country, surpassing New York.
Home prices in Miami have risen during the pandemic, driven by an exodus of homebuyers and renters from other states, many of whom have moved out of the Northeast. At the same time, wages have not grown at the same rate.
According to RealtyHop’s February Affordability Index, a family in the city of Miami needs to spend 78.7% of their income on housing costs. This is based on a median home price of $589,000 and a projected median household income of $43,401.