What is the second most expensive real estate market in the US? You live in it! | Real Estate

The migration into Florida, Miami-Dade and South Florida during the pandemic, and post, is well documented, with over 330,000 people moving into the state during 2020 alone. Well, seems newbies are willing to pay more to live here.

The result? Demand has sent homes prices in the area soaring, where, in Miami, it is now more expensive to own a home in SoFla than Los Angeles.

Only New York was more expensive than Miami according to the latest October data. .

A recent study by RealtyHop, which creates an affordability index by comparing income to housing prices to determine how much of their income residents spend on housing, showed that a household in Miami will set residents back an average of $2,653 per month toward homeownership cost.

This represents approximately 81.55 percent of median income.

In comparison, New York would need to spend 82.15 percent of income and Los Angeles, the third most expensive market in the US, has an ownership burden of 81.18 percent.

The rest of the Top Five least affordable housing markets:

4. Newark, NJ where on average, prospective homeowners should expect to allocate, on average, 71.95 percent of income toward home ownership.

5. Long Beach, CA, where residents spend an average of $3,373.32 per month, or 64.24 of income, to own a home.

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