Real estate experts say Miami's booming housing market is becoming increasingly unaffordable for middle-class buyers as wealthy Americans continue relocating to South Florida, making renting a more practical option for many, according to a Fortune report published Sunday.
Florida attracted more wealth from domestic movers than any other state in 2023, while new arrivals earned an average annual income of $122,530, nearly double the U.S. average salary of $64,505, according to Realtor.com migration data and the Miami Association of Realtors.
At the same time, the average Miami home costs about $652,110, and buyers typically need annual incomes between $160,000 and $215,000 to afford a mortgage, according to Redfin.
Wealth Migration Meets Limited Supply Craig Studnicky, CEO of South Florida luxury real estate firm ISG World, told Fortune that an unprecedented wave of wealth migration has collided with an already limited housing supply, pushing prices sharply higher.
Citadel founder and CEO Ken Griffin is among the high-profile executives who have relocated to Miami.
