Miami, Florida – The housing market’s turbulence in recent years is hardly a secret. With recovery occurring in certain regions and continuous escalation in others, the market presents a varied picture across the United States.
A leading real estate media outlet has recently carried out an evaluation of the most affordable and the least affordable cities within the country. The results, surprising to some, revealed two cities from Florida amongst the five least affordable. This article will delve into which cities these are, the media publication that conducted the analysis, and details of the other Floridian city that made the top five.
In May 2023, RealtyHop.com, a trusted real estate media source, published a comprehensive analysis of the affordability levels of American cities. The complete study is accessible here.
The report begins by stating the obvious: persistently high interest rates present a significant obstacle for those aspiring to own a home. The study highlights a stark contrast in the housing market across the country, with some areas returning to pre-pandemic conditions, while in others, prices continue on an upward trajectory. And the city that stands at the pinnacle of this affordability issue is none other than Miami, Florida.
According to the RealtyHop’s report, the median home price in Miami stands at an intimidating $585,000. The report further clarifies that to afford such a property, homeowners in the city would need to allocate a staggering 79.9% of their monthly income.
But Miami is not the only city in Florida grappling with this issue. Hialeah, situated approximately 12 miles northwest of Miami, ranks fifth on the list. The average family in Hialeah is burdened with monthly mortgage payments and property taxes exceeding $2,300.