Real estate is booming in Miami, and that’s not necessarily a good thing.
Not if you’re making under 60 grand a year, and need some sort of affordable housing.
With the average income in mind, residents would have to sacrifice 80% of their monthly income to own such a home.
Los Angeles comes in at number two with 77% of income necessary to pay for a purchased home. Oddly enough, Newark, NJ is at number three, but that’s most likely due to New York City spillover. But post pandemic, New York City itself is ironically at number four with 70% needed.
The population boom seems to be only making things worse, but hey, it’s certainly sunny days if you’re involved in the real estate game.
In 2021, 62% more people moved into Florida then moved out, with the state’s population increasing by 2% in a single year.
Miami’s tax rate, with federal taxes included, are about 10% lower than that of an NYC resident’s. A Manhattanite making $150,000 a year could save 50k should they choose to relocate to Miami.
But still, Miami’s cost of living is close to 30% above the national average. Guess having no state income tax doesn’t really help a ton when you’re looking to live in a glitzy and glamorous city.
Chicago, despite their blue-state home, doesn’t even make the top ten list of the least affordable cities, even though it’s America’s third largest one. Their cost of living is just 17% above the norm.
If you like great food, sports, nature and culture, but don’t mind brutal weather, Chicago might be calling your name. Just be careful where you walk at night…