Jun 3, 2024 - News
Homebuying power plummets in Miami
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Buying a house in Miami is three times more unaffordable for average families today compared to 1970, according to a new RealtyHop study.
Why it matters: Buying a house is far less accessible than it was for previous generations.
By the numbers: Homebuying power in Miami decreased 69% from 1970 to 2022, according to the study. It's down 71% in Hialeah.
- Homebuying power is the ratio of annual income versus the average house price in 1970 (when boomers started buying starter homes) compared to 2022.
Reality check: Mortgage rates were in the double digits in the 1970s and 80s. Today they're hovering around 7%.