Miami Now Least Affordable Housing Market In U.S.
MIAMI (CBSMiami) – If you've forgotten what a "for sale" sign looks like, you're not alone. There are fewer and fewer around Miami
"You drive around, you don't see many for sale signs, don't see anything," says Belinda Sime, owner of Sime Realty.
It's all part of the Magic City's red-hot housing market where homes disappear before realtors can put signs out front.
"It's like literally crazy right now," said Sime, a 21-year veteran of the Miami real estate market. We have so many people coming here and we don't have any supply," explained Sime.
Miami is now officially the most expensive housing market in the country, according to RealtyHop, surpassing New York as many of its residents escaped to the Sunshine State during the pandemic.
"Miami is open and is not as strict as some of the other states, (it's) also because we don't have state income tax," added Sime.
No state income tax, ironically, part of the equation that's made the housing market so taxing on locals.
Sime telling CBS4 News, "Locals are in sticker shock! What's going with our little small town that we love?"
Especially true when you consider the median household income in Miami is just a hair over 43-thousand dollars, while a median priced home is close to 600-thousand dollars. If you do the math, it means you need to put close to 80-percent of your income into owning your home.
It's a complex problem to solve when your hometown becomes the hottest housing market in the country.
"Our little town has become a big city," concluded Sime.
And, it's not just ownership that's a problem. Rents in Miami rose 38% in 2021, the highest gains nationwide.
