https://sputnikglobe.com/20220218/miami-becomes-city-with-most-pricy-housing-in-us--1093160770.html
Miami Becomes City With Most Pricy Housing in US
Miami Becomes City With Most Pricy Housing in US
Sputnik International
Miami Becomes City With Most Pricy Housing Across US
2022-02-18T23:58+0000
2022-02-18T23:58+0000
2022-02-18T23:58+0000
us
miami
housing
prices
https://cdn1.img.sputnikglobe.com/img/07e6/02/06/1092805621_0:160:3073:1888_1920x0_80_0_0_54b2a4af4ed10e14af4fbec4215ff323.jpg
Miami has topped the rankings of cities with the highest housing prices amid extremely poor supply in the local real estate market, CBSMiami reported on Friday.She explained that “Miami is open and is not as strict as some of the other states, (it’s) also because we don’t have state income tax.”Meanwhile, the nonexistent income tax has also played a crucial role in price increases, much to local residents’ discontent. A median-priced home is close to $600,000, while the average household income in Miami stands at approximately $43,000.Across the US, average rent prices rose 14 percent over the last year, reaching an average cost of $1,877 per month, and the prices are expected to rise by an additional 10 percent, according to the real estate firm Redfin.Previously Bloomberg reported that former US President Donald Trump is considering a major expansion of his Trump National Doral golf resort in Miami, Florida. He reportedly plans to build 2,300 luxury homes on its territory.
miami
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2022
News
en_EN
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
housing prices in miami, us housing market, expensive rent
housing prices in miami, us housing market, expensive rent
Miami Becomes City With Most Pricy Housing in US
According to RealtyHop, Miami now leads the rankings of most expensive cities to live in, beating New York, whose residents left the state during the pandemic. Rents in Miami have tripled, rising by 38 percent.
Miami has topped the rankings of cities with the highest housing prices amid extremely poor supply in the local real estate market,
CBSMiami reported on Friday.
“You drive around, you don’t see many for sale signs, don’t see anything,” says Belinda Sime, who has worked on the market for more than 20 years. “It’s like literally crazy right now. We have so many people coming here and we don’t have any supply.”
She explained that “Miami is open and is not as strict as some of the other states, (it’s) also because we don’t have state income tax.”
Meanwhile, the nonexistent income tax has also played a crucial role in price increases, much to local residents’ discontent. A median-priced home is close to $600,000, while the average household income in Miami stands at approximately $43,000.
Across the US, average
rent prices rose 14 percent over the last year, reaching an average cost of $1,877 per month, and the prices are expected to rise by an additional 10 percent, according to the real estate firm Redfin.
Previously Bloomberg reported that former US President Donald Trump is considering a major expansion of his Trump National Doral golf resort in Miami, Florida. He reportedly plans to build 2,300 luxury homes on its territory.
