Miami Home Prices Hit $652,110 as Wealth Migration Prices Out Middle-Class Buyers
Updated
Updated · Benzinga · Jul 20
Miami Home Prices Hit $652,110 as Wealth Migration Prices Out Middle-Class Buyers
3 articles · Updated · Benzinga · Jul 20
Summary
$652,110 is now the average Miami home price, leaving many middle-class households unable to buy and making renting the more practical option.
Florida drew more wealth from domestic movers than any other state in 2023, and newcomers earned an average $122,530 a year—nearly double the U.S. average of $64,505.
Limited housing supply has amplified that demand shock, with buyers typically needing $160,000 to $215,000 in annual income to afford a mortgage on a typical Miami home.
At roughly $75,000 a year, renters can still live comfortably in South Miami, while even $100,000 earners may struggle to qualify to buy; one expert expects prices to stay flat or slip modestly as inventory improves.