According to the index of specialty real estate site RealtyHop, the city of Miami is currently the most expensive to buy a home there. Its high prices are even higher than in big cities like New York and Los Angeles.Even before the COVID-19 pandemic, the Miami metropolitan area was very attractive, primarily to European investors. Then, prices marked a record high.
For obvious reasons, this upward trend in costs was fueled by the health crisis that shook the planet. Many decided to move to South Florida and the consequences were felt immediately. Increased rental rates automatically.
The upward trend in Miami home prices is nothing new now. Its growth is seen with more force than last year. In fact, after the latest studies done, it can be said that Miami is the least affordable housing market in the country.
Rents and purchases increase without a break
The numbers clearly show the extent to which prices for both rental and home purchases have skyrocketed in Miami.
Buying a house today costs 1.55% more than last month. If we talk about renting out a property, now its price is 38% more as compared to 2021.
Today’s average price is $589,000.00 USD, when the family income is close to $43,401.00 USD.
Those with the lowest annual income in a South Florida city must triple their current salary to buy a home. Meanwhile, they would have to earn twice as much to rent a one-bedroom apartment.
In addition to Miami, the most expensive cities to buy a home are New York, Los Angeles, Newark, and Jersey City.
Meanwhile, the most affordable are Wichita, Fort Wayne, Detroit, Lubbock and Cleveland.
