How much does a house cost in Miami and what salary do you need to buy it?

Housing in Florida had a massive boom in demand during the pandemic, with Tampa seeing some of the highest price increases in the nation. Miami and Orlando’s home markets also saw a big increase in housing costs. However, increasing mortgage rates are beginning to dampen the sectors’ enthusiasm.

Is it true that living in Florida is too expensive?

To determine how much money one needs to be able to afford a house in the 50 largest U.S. cities, Visual Capitalist analyzed data from Home Sweet Home.

The following are the minimum annual incomes required to purchase an affordable house in Florida’s major metropolitan areas:

Median home price: $365,900Salary needed: $73,465The figures indicate that the median price of a property in the United States is close to $370,000. That implies the median American household income has to be close to $76,000 before a home purchase would be a reasonable option.

But in states like California, where housing costs in major metropolises like San Jose, San Francisco, and Los Angeles are consistently among the highest in the nation, that’s not the case.

To afford the median house price in San Jose, California, the highest in the U.S., you’ll need to bring in around $337,000. According to the statistics, the typical San Jose monthly mortgage payment is $7,718.

The research author concluded, “if you’re searching for luxury, even seven figures will bring you nothing in major metropolitan areas. For example, one million dollars barely buys 833 square feet of luxury housing in Miami.”