Miami surpassed New York City this month as the least-affordable housing market in the U.S., according to the RealtyHop Housing Affordability Index.
The index measures projected median incomes, median for-sale home listings, taxes and other data to calculate the share of median income needed to afford the median home. It then ranks the 100 largest cities in the U.S. in terms of affordability.
The median household income in Miami is $43,400 and the median home price is $589,000.
“Home prices in Miami (have) been on the rise since last year, and the trend has continued into 2022,” the index noted. “The city has now moved up to be the least-affordable housing market in the nation. Households would need to contribute 78.71% of their income toward homeownership costs, which is up 1.55% from last month.”
The top 5 least-affordable cities after Miami and New York are Los Angeles, Newark, N.J., and Jersey City, N.J.
Other Florida cities to crack the top 50 are Hialeah (No. 7), Tampa (23), Orlando (47) and St. Petersburg (48).
Twelve of the top 18 least-affordable cities in the nation are in California.
The most affordable cities are, in order: Wichita, Kan.; Fort Wayne, Ind.; Detroit; Lubbock, Texas; and Cleveland.