Report: Miami is 7th Least Affordable City in World
View from one of the apartments at majestic downtown Marquis Miami. / Photo courtesy of Marquis Residences

A new report says Miami is the seventh least-affordable large metro area in the world.

The recent report by urban researchers Richard Florida and Steven Pedigo says the Miami region’s housing unaffordability crisis reinforces its high levels of inequality.

The report says only Hong Kong, Sydney, Los Angeles, London, Toronto and New York are more expensive than the Miami area.

It also says that 6 in 10 employed adults in Miami are spending more than 30 percent of their income on housing. That is the highest rate of any large metro area in the United States.

A resident is considered “housing cost-burdened” at that threshold or higher.

Miami’s downtown skyline is dotted with construction cranes, as endless new condos and apartments are built throughout the city. But the new construction is misleading: Greater
Miami—the tri-county metropolitan region spanning MiamiDade, Broward, and Palm Beach counties—faces a severe crisis of housing unaffordability that stems from the dual problem of high housing costs and low wages.

The report says housing affordability needs to be front and center in any discussion of economic development in Miami.

Key findings in the report make clear that Miami faces a deep crisis of housing unaffordability. Housing is unaffordable for too many Miamians. It’s not just that housing is expensive in Miami, wages and incomes are also low. Miami’s housing affordability crisis hits black and Hispanic households hardest. African-American homeowners have, on average, less than $4,000 in income left over after paying for their housing each year.

According to the report, the region’s housing affordability crisis is geographically
concentrated. Also, mounting threats from climate change and sea-level rise will
only accentuate the region’s housing affordability crisis over time.

Homelessness is perhaps the most visible symbol of a region’s housing crisis. Greater
Miami had nearly 8,000 (7,869) homeless people in 2016. That places it 11th among
all large metros, about half the number of San Francisco. On a per-capita basis,
Miami ranks 16th among U.S. metros, with 13 homeless people per every 10,000

To have information on all the report, please continue to read in this link.

Miami is 7th Least Affordable City in World