MIAMI – If you’re looking to buy a home in Miami, you need to make six-figures, according to a study.
In order to comfortably afford a home in Miami, a Zillow study suggests home buyers earn $151,163 a year.
Recommended Videos
A monthly mortgage payment on a typical Miami home is up since Jan. 2020, up 121.1% to $3,018.
The amount is up from $76,329 in 2020, an 98% increase.
According to the study, in 2020, a household earning $59,000 annually could comfortably afford the monthly mortgage on a typical U.S. home, spending no more than 30% of its income with a 10% down payment.
That was below the U.S. median income of about $66,000, meaning more than half of American households had the financial means to afford homeownership.
The annual income needed for a home in other markets was higher, though. According to the study, a household’s income must be $200,000 or more to comfortably afford a typical home.
The top four are in California: San Jose ($454,296), San Francisco ($339,864), Los Angeles ($279,250) and San Diego ($273,613). Seattle ($213,984), the New York City metro area ($213,615) and Boston ($205,253) complete the list.