Miami Beach: The Nation's Most Unequal Housing Market
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MIAMI BEACH(CBSMiami) -- Luxury homeowners in Miami Beach really do have it all - making it the most unequal housing market in the U.S., according to a new report.
CBS4's news partner at the Miami Herald went through a report by real estate company Redfin that covers the third quarter of 2015 and compared the luxury market.
The group found luxury homes in Miami Beach have an average price tag of $6.3 million. That's about 12 times as much as the average price of a typical home usually worth $522,000.
For other big cities, the disparity was smaller with luxury homes selling between five and six times the price of a typical home in Atlanta, Houston, Los Angeles, Boston, Chicago and Washington, D.C. The group said they were unable to collect data from New York's market due to the way it's set up.
According to the report, nearly half of the 20 most unequal housing markets in the U.S. are in South Florida. They say it's partly because we have so many out-of-towners that come to by homes.
The group also found prices for luxury homes in Miami Beach have stopped rising after years of rapid growth - a product of unstable economies in Latin America, Europe and Asia hindering foreign buyer's ability to afford the real estate.
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