WRE News: Miami Home Buying Power Plummets by 69% Since 1970

Miami, FL – June 3, 2024 – Buying a house in Miami is now three times more unaffordable for average families than it was in 1970, a new RealtyHop study reveals.

Homebuying power in Miami has plummeted by 69% from 1970 to 2022, with Hialeah seeing a 71% decrease. This decline highlights the stark contrast in accessibility between generations, as today’s homebuyers face significantly higher costs relative to their annual incomes compared to those in the past.

Despite mortgage rates being lower today—around 7% compared to the double digits of the 1970s and 80s—the dramatic increase in home prices has made it much harder for average families to purchase homes.