Miami Ranked Least Affordable U.S. Housing Market

According to May’s RealtyHop Affordability Index, housing in Miami is the least affordable in the country, reports Carolina Villagra for WSVN News. “Residents that are likely able to afford the cost of housing in Miami are high-earning New York City residents, said the report.”

“According to the report, the median listing price for homes in Miami is $585,000; It also stated that homeowners can expect to spend 79.92% of their monthly income on housing expenses.” Nearby Hialeah, another Miami-Dade County city, ranked as fifth least affordable, with housing costing more than 65 percent of the average household income.

A recent study from Florida Atlantic University linked short-term rentals to housing affordability as the industry grows in South Florida.