“Yesterday’s price is not today’s price,” at least not in Miami.
According to reports, New York is the number one most expensive place to live, and Miami is holding second place.
Based on the October 2021 Housing Affordability Index report by RealtyHo, the housing market in Miami has increased tremendously. So much so that it is now the second least affordable city to live within the United States, @local10news reports.
In September of this year, Miami was ranked number three behind Los Angeles, but it appears that has changed. According to the report, the median income in Miami is $39,049, while medians for homes is $549,000.
When COVID impacted the country, many people, subsequently, left the West Coast and relocated to areas like Miami.
“Miami overtook L.A. as the second most expensive housing market in the nation, even though the price decreased slightly since our last report,” states the report. “A household in Miami should expect to pay $2,653 per month toward homeownership costs, or roughly 81.55% of median incomes.”
As far as other places that are expensive–Newark, NJ and Long Beach, CA– rounded out the top five as the most expensive places to live.
Some of the most affordable cities to live are, Wichita KS, Detroit, MI, Fort Wayne, IN, Virginia Beach, VA, and Anchorage, AK.
Roomies, what do y’all think about this?