Here’s What You Need To Earn To Buy A Home In Miami-Dade

MIAMI, FL - Median home prices in more than 300 counties, including Miami-Dade, are not affordable for average wage earners, according to a new report from ATTOM Data. Over the past year, median home prices in Miami-Dade grew and home affordability dropped.

The report, which looked at home affordability for the first quarter of 2018, analyzed 446 counties and found that median home prices were not affordable for average wage earners in 304 counties or in 68 percent of the counties.

In Miami-Dade, the median sales price for a home in the first quarter of 2018 was $270,000, according to ATTOM. Compared to a year ago, the median home price in Miami-Dade grew 5 percent, according to the report.

According to ATTOM, the annual income needed to buy a median price home in Miami-Dade is $76,783. An average wage earner could not qualify to buy a home in Miami-Dade, the report said. Based on average weekly wages from the Bureau of Labor Statistics, an average wage earner in Miami-Dade has an annual income of $52,481.

Miami-Dade's affordability index dropped 2 percent when compared to the previous year.

ATTOM collected data from publicly recorded sales deeds and from the Bureau of Labor Statistics. The affordability index is based on the percentage of average wages needed to make monthly house payments on a median-priced home with a 30-year fixed rate mortgage and a 3-percent down payment, including property taxes, home insurance and mortgage insurance. (Read the full methodology here.)

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