Prices are rising faster than wages in Miami-Dade County

Housing affordability has worsened in many parts of the country as wages fail to grow at the same pace as home prices, according to new data from ATTOM.

The publication’s Q3 2023 U.S. Home Affordability Report shows that single-family homes and condos are less affordable than they were last year in 99% of U.S. counties analyzed, with Miami-Dade County representing one of the most stark differences. Prices rose 11% annually in Q3 — that appreciation outpaced wage increases there, as well as in 47% of counties analyzed.

Miami wages grew by approximately 7% year over year during Q3.

Nationwide, skyrocketing prices and high mortgage rates have bumped the portion of wages the typical homebuyer needs to purchase a home up to 35%. That’s the highest level since 2007 and is considered unaffordable by common lending standards, which call for a 28% debt-to-income ratio.