Miami’s housing market has been booming since the start of the pandemic. Buyers from around the country are flooding South Florida and Miami, mainly for added space and warm weather.
And it’s not just ordinary homeowners. Giants like Microsoft, JetBlue Airways, Blockchain and Goldman Sachs are also moving their headquarters to Florida! (We’ve covered that topic in another video; make sure to check it out )
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These trends have seen business sharks move to Miami bay while the local economy has risen as of late. However, with the high demand for condos and single-family homes, prices are getting higher. Now, Miami is ready to overtake the most expensive city in the US! Has it already surpassed Los Angeles? According to a new article with this headline, Miami has in fact surpassed LA.
Their monthly report analyzes homeownership affordability across the country’s 100 most populous cities. To develop its rankings, RealtyHop compares a city’s median household income figures to median home listing prices, which the site calculates from its own database. Property taxes are included in consideration.
New York City remains the least affordable city in the US. The average household in New York has to spend 82.2% of their income on homeownership costs.
According to the October index, a household in Miami has paid $2,653 a month toward homeownership costs, or roughly 81.6% of median income. In Miami, the median home listing was $549,000, and the household median income was $39,000.
The median home listing price was $915,000, and the median income was $62,000.
Yes, according to RealtyHop report, Miami is more expensive than Los Angeles.
This shouldn’t surprise us, though. When talking about real estate, luxury houses and condos continue to be selling like hotcakes since the last year. Listings appear fast and have limited availability, while average home prices rise exceptionally since the last year. South Florida welcomes all migrants from big cities, including New York & California, where homeowners are ready to pay a top dollar for real estate and higher taxes.
Overall, the South Florida real estate market will continue to thrive by the end of 2021. Competition is at all-time highs while average sale prices are among the highest in the US.
The real question here is, will Miami overtake New York in the future?
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