With Miami home prices nearing $600,000 and average annual pay around $67,000, many South Florida residents are left weighing whether buying is still within reach or whether renting is becoming the more realistic norm.
Here's what to know
According to NBC Miami, Lissette Calderon, founder and CEO of Neology Group, said financial realities are pushing more residents toward leases instead of mortgages.
"The house that you used to be able to rent is now more expensive. The same house would probably, if you were buying it, would cost you $5,500 a month, but to rent it is $3,500 a month going on," Calderon said.
NBC Miami cited Zillow data showing that a typical 3-bedroom house rents for roughly $3,800.
Calderon said renters are increasingly falling into two groups: those renting for flexibility and those renting because they have no other realistic option.
"There's renters by choice. And I think remote work has allowed for that. You can live anywhere in the country and work anywhere. And so, renters by choice, it gives you greater flexibility. It gives you all kinds of optionality," Calderon said. "But then there's also renters by need."
TCD Picks » Quince Spotlight
💡These best-sellers from Quince deliver affordable, sustainable luxury for all
More background
The affordability pressure does not stem from sale prices alone. According to Insurify, Miami's average yearly home insurance bill tops $15,000. Calderon said buyers also have to factor in property taxes, which shift based on purchase timing and price.
Calderon emphasized that more rental development is spreading into areas that historically lacked a strong rental market, and she questioned who these rentals are meant to serve.
"We have an obligation to make sure that Miami is not a place just for the ultra-luxury, but it's for the people that were born and raised here and that want to continue to build lives here," she said.
What can be done?
Calderon said the next step is to think beyond standard apartment amenities and create homes that can serve real families.
"So it's not just about, you know, the typical gym and the typical clubhouse, but are you creating the kids' center? Are you creating areas for homework? Are you creating areas where larger families can live?" she said. "So yes, are the apartments bigger, but are the common areas bigger, and are they accommodating for kids? Is there the green spaces there? You know, that playground? So it's really about thinking how this goes and how this plays out long term."
Where can I learn more?
These stories look at the income needed to buy a home, mounting rent pressure, and lower-cost housing alternatives.
• Across the U.S., median homeownership now demands about $120,000 in annual income.
• In California, landlords jacked up rents after disaster declarations, deepening pressure on tenants.
• Major cities are turning empty offices into apartments to stretch affordable housing supply.
• Young professionals are packing into micro-apartments as smaller, cheaper urban rentals gain appeal.
• Across the housing market, price spikes for tiny homes are making alternatives harder to reach.
Get TCD's free newsletters for easy tips, smart advice, and a chance to earn $5,000 toward home upgrades. To see more stories like this one, change your Google preferences here.
