Despite the sharp drop in home values in the last five years, homes in the Miami area continue to be unaffordable to many families with median household income.
The Miami area ranks 22nd among the 25 largest U.S. metropolitan areas in terms of home affordability, according to Interest.com, a Bankrate company. The median household income falls 13 percent short of the income required to purchase a median-priced home in the Miami area. Miami is one spot behind No. 21 Los Angeles, where the median household income is 12.52 percent short of what’s required to buy a median priced house.
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