Miami’s reputation as a veritable black hole with an insatiable hunger for money isn’t going anywhere anytime soon. The Magic City regularly tops rankings of the most expensive places in the United States; now, financial experts at Remitly have ranked Miami as one of the most unaffordable cities in the world to buy a home.
Remitly, a digital financial services provider, looked at more than 150 cities across the most popular nations for incoming residents, focusing on property prices, average income, and mortgage rates to determine which cities are the most unaffordable for homebuyers. Miami ranked ninth behind cities like San Diego, Los Angeles, Vancouver, Paris (not the Texas one), and New York City.
The study ranks the cities by the percentage of a property a single home buyer can afford based on average income and listing price. In Miami, a single person earns an average of $51,000 a year, which would only get her about 38.5 percent of the average home listing price.
Most Unaffordable Cities for Homebuyers Globally:
- San Jose: 27.3 percent
- Los Angeles: 28.2 percent
- Long Beach: 31.7 percent
- San Diego: 33.3 percent
- Vancouver: 34.9 percent
- Paris: 35.6 percent
- Porto: 37.1 percent
- New York City: 37.3 percent
- Miami: 38.5 percent
- San Francisco: 38.6 percent
“With year-round sunshine, a vibrant culture, and a stunning coastline, Miami is a popular place to settle down, however, it’s also one of the least affordable,” the study reads. “The city’s property market has surged in recent years, fueled by demand from out-of-state buyers, overseas investors, and a growing influx of remote workers hoping to make the most of living by the ocean…