MIAMI (WSVN) - The RealtyHop Affordability Index from May has ranked Miami number one in the least affordable housing market in the country.
According to the report, the median listing price for homes in Miami is $585,000; It also stated that homeowners can expect to spend 79.92% of their monthly income on housing expenses.
Residents that are likely able to afford the cost of housing in Miami are high-earning New York City residents, said the report.
Although Miami was in first place in the least affordable housing, another Miami-Dade County city was also on the list.
Hialeah ranked as the fifth least affordable location to live as the average family in the city could spend $2,324 a month on mortgage and property taxes, which translates to 65.79% of a household’s monthly income to be spent on housing.
RealtyHop also warned that Orlando could be on the top five list of least affordable in the housing market as it has gone up seven spots in the ranking since April. According to the report, sales in the central Florida city have increased by 31.1%, meaning there is a higher demand from buyers in the area.
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