Miami again topped the list of least affordable U.S. housing markets in July, ahead of Los Angeles and New York.
Even though the median home price in Miami fell slightly in July compared to June, to $600,000, the city remained the least affordable based on a projected median household income of about $45,000. That means the average family would have to set aside a whopping 86 percent of its annual income to afford a home.
In a visit to a new affordable housing development last month, HUD Secretary Marcia Fudge called Miami “the epicenter of the housing crisis in this country.” Record rents and high occupancy rates have been fueled in part by out-of-state migration to Miami.
Traditionally, homeowners and renters should spend no more than 30 percent of their income on housing, though that is unrealistic for a majority of Americans. Overall housing affordability dropped to a 15-year low in May, according to a Zillow report from June