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Well, if you couldn't tell by the rising rent and prices for homes here in Miami, it's now official. Miami has passed Los Angeles as the second most expensive housing market in the U.S. We're right under New York now đ€Šââïž
Snowbirds and tech companies have been flocking to South Florida since the start of the pandemic and it's caused a real estate boom. According to the report done by RealtyHop, the average household spends about 81% of their median income on homeownership costs. Currently, the median household income in Miami is $39,000, while the median home price is $549,000.