Real estate group deems Miami officially the most expensive housing market in the United States
South Florida city surpasses New York as priciest real estate destination
February 19, 2022 5:16pm
Updated: February 20, 2022 2:16pm
Miami has become the least-affordable housing market in the U.S., according to one real estate broker company, surpassing both New York and Los Angeles to take the top spot in the midst of an historically expensive spike in housing prices in this country.
Miami “has now moved up to be the least affordable housing market in the nation,” RealtyHop said in its February 2022 Housing Affordability Index.
“Households would need to contribute 78.71% of their income towards homeownership costs, which is up 1.55% from last month,” the group said.
The South Florida city has edged barely ahead of New York, where—according to RealtyHop—households have to fork over 77.98% of their income to afford a house.
Los Angeles ranks farther down the list, with around 74% of annual income necessary to afford a house there.
The average home price in Miami is $589,000, according to the company; that’s significantly lower than New York’s $970,000, but the latter city’s average income is roughly $25,000 higher than Miami’s.