For buyers and renters alike, the pandemic has made housing a lot more expensive. Compared to median incomes, home prices and rents shot up almost everywhere in the US over the last two years. By some estimates, nowhere more than Miami. The subtropical metropolis is now the least affordable housing market in the US, according to data compiled by the real estate listing aggregator RealtyHop, as housing prices have outstripped household’s ability to pay.

In February 2022, the median asking price for a home in Miami reached $589,000, a 13.5% annual increase. A typical family in Miami earning the median income of $43,401 would need to spend nearly 80% of their household earnings on mortgage and property tax payments to afford the median home listed today, according to RealtyHop’s analysis.

New York and Los Angeles have traded places as the least affordable US cities to buy a home for years. Miami has pulled ahead as home prices rise…

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