The dream of homeownership is becoming increasingly elusive for typical households in Miami, according to a new study by Bankrate.
The analysis of real estate and income data across 34 of the largest U.S. metros found that Miami is the metro where affordable homes are the most difficult to find.
The Bankrate study, published Monday, reveals a critical housing shortage within reach of median-earning families, stating that "fewer than 1 in 200 homes on the market are within reach for a typical household" in both Miami and Los Angeles.
The data shows Miami at the bottom of the list when examining the share of available homes that are affordable to a typical household earning the median income. By contrast, Pittsburgh was cited as the metro area where affordable homes are the easiest to find.
Across the nation, the situation is grim, with Bankrate reporting that "fewer than 3 in 10 homes are affordable to typical households earning the median income in most major markets."
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Nationally, more than 75% of homes on the market are unaffordable to the typical household.
The median price for condos and single-family homes in Miami has ballooned more than 80% since the COVID-19 pandemic, according to Ana Bozovic, a market advisor for the Miami Association of Realtors. She said the home price surge is largely to Miami's population boom over the past five years.
"There's this flow of wealth and talent that's coming here that's really changing the landscape here for buyers at all levels," Bozovic said in a statement. "That's a force that isn't going away."
| Metro | Median 2025 Household Income | Maximum Target Home Price* | Share of Affordable Homes on the Market (as of July 2025) | |
| Metros Where Affordable Homes are Hardest to Find | Miami, FL | $74,274 | $72,000 | 0.4% |
| Los Angeles, CA | $91,380 | $276,000 | 0.5% | |
| San Diego, CA | $103,066 | $347,000 | 1.6% | |
| New Orleans, LA | $61,991 | $92,000 | 2.7% | |
| Boston, MA | $109,295 | $349,000 | 4.8% | |
| *based on all-in homeownership costs |
Financial strain of homeownership
The Bankrate report also analyzed affordability based on the income needed to purchase a median-priced home compared to the typical household income.
- San Francisco was found to be the least affordable U.S. metro by income. The median 2025 household income in San Francisco is $133,542, but an income of $353,517 is needed to afford a median-priced home in the metro area.
- Other metros rounding out the top 5 least affordable by income include Los Angeles, San Diego, New York, and Seattle.
The findings highlight a national trend where "the gap between what a typical household earns and what's needed to afford a median-priced home in the U.S. now exceeds $30,000."
In stark contrast to Miami's housing crunch, buyers in metros like Pittsburgh and St. Louis "can afford roughly half of all listings."
Detroit stands out as the most affordable metro by income, where the median household income of $72,493 is actually higher than the $66,693 needed to afford a median-priced home.
Bankrate's analysis underscore that for most of the country's largest metro areas, "buying a typical home now takes at least a six-figure income."
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