Condominium towers in Downtown Miami. Photo: J. Albert Diaz/A;MHow Bad Are Housing Costs? Miami Ranks Second Most Unaffordable in US
The city is less affordable than New York and San Francisco and only more affordable than Los Angeles, the data shows.
April 11, 2019 at 11:22 AM
3 minute read
Here's a national ranking Miami won't be boasting about: The city is the second least affordable place to own a home.
Residents would have to pay most of their income — 86% compared with the 30% benchmark long used to denote affordability — to cover a mortgage and property taxes, a new report shows.
This doesn't mean all homeowners shell out this much. Instead, this applies to those with median income in a median-priced home.
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