The American Dream Is Slipping Away in Miami
Summary
Homeownership in Miami is becoming harder due to rising costs and fewer single-family homes for sale. The high prices and limited housing options are pushing many middle-income workers out of the city.Key Facts
- Miami-Dade’s single-family home supply dropped nearly 23% in July compared to the previous year.
- There are only about 4.8 months of home supply in Miami-Dade, favoring sellers over buyers.
- Many homeowners with low mortgage rates from the pandemic are not selling their houses.
- High demand comes from both people moving within the U.S. and international buyers.
- Miami-Dade has little remaining land to build new single-family homes due to geography and development.
- The cost of living in Miami is the second highest in the U.S., behind San Francisco.
- Housing prices in Miami scored 155.551 on the cost-of-living index, much higher than the national average of 100.
- Middle-income workers like teachers, nurses, and hospitality staff find it harder to live in Miami due to rising expenses.
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