Rising home prices in Miami seem to be making it harder for South Florida to maintain its longtime reputation as a cheaper option than New York City.
But Miami-area developers are pushing back and told Fox Business that the region is simply catching up after being historically underpriced.
Here’s what to know
Costs have risen sharply in Miami — consumer prices have risen 39% since 2019, and home prices have risen about 79% since the pandemic, Fox Business reported. An influx of affluent newcomers, remote employees, and expanding businesses has helped drive this surge.
But rapid growth can carry a cost when housing prices rise faster than local wages. For renters, first-time homebuyers, and longtime residents, that can mean tougher choices about where to live, how far to commute, and how much of each paycheck must go toward housing…