According to The Real Deal, Miami’s housing market is quickly becoming one of the most expensive in the country.
The pandemic making remote work possible has caused people to flock to the Magic City to seek ample space and a retreat from cold weather. The demand for condos and single-family homes coupled with rising supply costs has caused Miami to beat out Los Angeles as the second most expensive housing market in the country.
Although New York took first place, Miami homeowners can expect to spend 81.6 percent of their median income on homeownership costs, or about $2,653. That’s only 0.6 percent less than what New Yorkers pay.
The average household income in New York is $64,000, and its average home listing dropped $9,000 from the month before to $958,000. In Miami, the average household income is $39,000 and $549,000 for the average home listing.
Neighboring cities and their residents also have to pay the price. Hialeah, for example, is becoming more expensive because of its proximity to Miami.