Miami lost 85% of its affordable single-family homes in six years. The city is becoming an exclusive playground for the ultra-wealthy.

The Big Picture

A billionaire wave has washed over Miami, many fleeing proposed California wealth taxes. But as luxury properties flourish, the middle class is being squeezed out. Median listing prices sit at $630,000, with middle-income options vanishing faster than nearly any other major metro.

"The typical home in Miami is not affordable to the median-earning household," says Hannah Jones, senior economic research analyst at Realtor.com. "In February 2020, about 24% of available single-family inventory was priced below $350,000. In February 2026, the share was about 3.5%."

“"For teachers, nurses, service workers, office workers, and a lot of everyday families, owning in Miami is starting to feel out of reach."”

Why It Matters

This isn't just a housing price story. It's an urban viability crisis. Miami needs essential workers to function, but those same workers can't afford to live there. Real estate agent Ron Myers puts it bluntly: "It is not just the home price. It is also insurance, taxes, HOA fees, and the overall cost of living."