Miami has become one of the country’s hottest destinations for Americans looking to lower their tax bills and upgrade their lifestyles. But while looking to follow the lead of wealthy transplants and billionaires like Citadel CEO Ken Griffin snapping up the city’s luxe beachfront properties, experts say it’s becoming even harder for middle-class families to follow suit.
The numbers help explain why so many affluent Americans are making the move—and how feasible it is for others to buy into. Florida had attracted more wealth from domestic movers than any other state in 2023, according to a Realtor.com analysis of IRS migration data. And those newcomers were also the highest earners in the country, boasting an average annual income of $122,530, according to Miami Association of Realtors chief economist Gay Cororaton. For comparison, the average salary in the U.S. stands at just $64,505.
As new wealth moves in—and demand for Miami real estate continues to surge—its housing market has become increasingly out of reach for most buyers. Purchasing a house in the coastal city will run homebuyers around $652,110, on average, according to real-estate brokerage Redfin; meanwhile, the median sales price of a U.S. home sits at $398,771. To cover the mortgage of a typical Miami house, it’s estimated buyers will need an annual income of between $160,000 to $215,000, which puts the dream out of reach for 80% to 85% of Americans.
