MIAMI – Miami. It's a great place to visit, but you wouldn't couldn't afford to live there.
According to a new report, the Magic City is nearly the least affordable city in the entire United States.
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RealtyHop's latest Housing Affordability Index ranks Miami second in the country, behind only Los Angeles, when it comes to being able to own a home.
The rankings are based on housing affordability and homeownership burden in which the following statistics are used:
- Median household income
- Median for-sale home listing prices
- Local property taxes
- Mortgage expenses, assuming a 30-year mortgage, 4.5% interest rate, and 20% down payment.
Combine Miami's average household income of $33,999, the lowest in the top 10, with a $499,000 average home price and you see how the city ended up where it did.
The only other South Florida city in the top 100 was Hialeah, which ranked 11th.
Least Affordable Cities in the U.S.:
- 1. Los Angeles
- 2. MIAMI
- 3. New York
- 4. San Francisco
- 5. Boston
- 6. Oakland
- 7. Jersey City, NJ
- 8. Long Beach, CA
- 9. Newark
- 10. Irvine, CA
- 11. HIALEAH
- 36. Tampa
- 40. Orlando
- 58. St. Petersburg
- 83. Jacksonville