Miami ranks among least affordable cities amid housing crisis, market cooldown coming? | Miami Life
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- čas přidán 15. 05. 2024
- In this week's edition of Miami Life:
Home ownership is a dream for most people-- but with skyrocketing South Florida prices, could that vision be found elsewhere? An expert weighs in on the state of the Miami housing market.
Plus, see how the pandemic caused one local woman to find a creative way to make her passion her life's work.
And, see how an organization is giving parents who have children with special needs peace of mind.
Mental health first aid is taking center stage as we look to keep our brains and bodies healthy.
Finally, watch how one retiree is using his time to give a smile and hope to students.
Catch Miami Life at 630pm ET on the CBS Miami app, CBSMiami.com, and MYTV33
#miami #browardcounty #fortlauderdale #florida #floridanews #housingcrisis #housingmarket #analysis #community #communitynews #pandemic #art #health #healthnews #lifestyle #mentalhealth #mentalhealthawareness #mentalhealthmatters
Miami has the cost of living similar to LA but salaries are more like Little Rock, Arkansas
Right
😂
zero state tax tho😍
@@eddycarpenter8989 that actually doesnt help cause you have to pay other taxes so its basically the same lol
@@thesquad2253 what other taxes?
Miami and South florida need to start banning international buyers and prioritize current U.S. citizens and residents.
NOOOO... Let them stay there.. We don't want them in the Northeast...
but US citizens are flipping homes here to lol i know many who have come from NY, NJ, California, Nevada, and Texas who buy as much properties as they can then rent them and charged triple the past years rents or sell them for quadruple the price they bought them for also some of these people are buying on behalf of other countries like China Russia, and Brazil while others are doing it on behalf of crime organizations like cartels, Asian, South American, and European gangs
No need to ban, just tax any non owner occupied housing more and tax owner occupied less.
It is not only the housing but the ridiculous incomes. I’ve been living in South Florida since 1996 and things never improved in those two camps.
Right the pay is so low and rent is high
Blue state prices with red state pay
My worst nightmare
you live in a capitalist country that is going to bend you over whether you live in a "red state" or "blue state" lolol
The booming 20s!
@@eddycarpenter8989
I live in NJ while working in NYC. I get by just fine.
@@eddycarpenter8989 yeah. You can move that the beauty of “capitalism “
Not just Miami, broward county and all over Florida is overpriced. One decent bedroom will cost at least 2 thousand a month. It’s ridiculous
Florida is Dubai with Mississippi wages.
yep and that would be in a low income crime infested area smh
I left Miami in 2017 for Seattle and I’m making way more money now. I want to move back but I’m not overpaying for a house that is not worth $800k. Just 5 years ago the house I wasn’t was $200k
How is rent prices in Seattle. Florida two thousand dollars for a decent one bedroom
@@deescott8312Seattle is expensive renting or buying but the potential to earn a lot of money has always been here.
However Seattle weather for me is depressing, constant overcast and rain
My Mother un law did the same thing she was in miami and then moved to Seattle she's doing all right
There were no houses at $200k in Miami 5 years ago.
What's a young couple to do? "Well, if they already have a starter home they can capitalize on that". Seriously dude?
Move
HOA is the killer for places with condos and town homes
HOA? No way. 😮
HOA is great to keep the Rats out
I was gentrified out of the city I was raised in. :(
Same
@nicholasthompson7690 while I miss Miami-Dade-County; however, its much more peaceful where I am now.
If you do not have 20% down and 3 to 6 months worth of emergency money buying a house is not a good idea right now.
So sad man. When I finally start making money the housing market blows up smh
Should have bought in the sixth grade!
Gen Z Floridians are cooked!
I lived in Miami for five years. Nowadays, I don’t understand the hype go to Miami Beach and it’s a filthy ghetto anywhere else and you are stuck in traffic
6 min in and we haven’t talk how, insurance and property taxes crazy
They are forcing us out I guess
who are they , sounds like a evil bunch
@@freetheworld12 Well it's simple THEY destroyed New York and California real estate and now they want to do it over here
Price out of paradise.
if you are not wealthy this is far from paradise it is more like purgatory with no light in sight @@asielmilian38
I see THEY destroyed New York and California real estate, and now they want to do it over here in Miami...
That's not how it works but go off 😂
NY and California real estate isn’t destroyed 😂
@@tjr4459 It is when young people have to leave to find cheaper housing
And dorks still moving here just to be fried in the heat and stuck in traffic anytime of the day….just because it’s “Florida” like it’s the kingdom of God or something.
All it takes is one Cat 4 Hurricane to the change the Miami Real estate market....not if it will happen...when it will happen...
Wouldn't mind cat 6
It'll make it more expensive. All the older apartments and homes will be destroyed and they'll rebuild luxury towers and homes
Lol man your comment makes no sense all the houses, the majority are built to hurricane specs with high impact windows and doors. Older buildings would have their roof blown away and that's the worst thing that can happen. When hurricane Andrew hit in 92" it destroyed country walk but everything was rebuilt to sustain future hurricanes like most of South Florida construction. The big problem here is the high cost of living, taxes, traffic, crime, brutal summer heat and monsoon rain during the summer months, and low and stagnant wages.
@@bballah9969it happens in the keys all the low income housing like trailers gets destroyed and they can’t rebuild then there’s no cheap places to live.
@@Bradimoose
Oh yeah trailers for sure
Miami housing market is still insane cause people keep moving down there.
The grass is always greener
🎉And rarely is....😮
Except when interest rates were 10%-11% houses were $40,000…
Highest unaffordability in history, when lenders go about 35 % DTI for home purchases I get worried.
This isn't just a housing crisis, it's also.a problem with wages. With my line of work, I can work remotely, and when I work with companies outside of Florida, I get paid, at the very least, $10 more than any Florida company I've ever worked for. Obviously, I prefer working with companies that aren't based in Florida (which also helps me save money on transportation). But what are people with local jobs supposed to do? It's ridiculous.
Red Tide down there is scary.
Yes more density is key. Also, look at county owned land to rezone.
Being poor and homeless, I always said America needs a city like Dubai juxtaposed a city for the Rich. I coined Miami, the Dubai of the USA. New York and Beverly Hills are disqualified unfortunately.
What’s “starter home”?
What’s the minimum wage in Florida 😂
$2.
Blame the new yorkers
I always thought of Miami as an expensive place similar to LA.
I have trouble believing Coral Gables is more expensive than Beverley Hills and Manhattan
Pretty much need to be a millionaire if you want to live comfortably in Miami. No average person will ever be able to live there. In the future if you don't have much you'll be living in the mountains.
that surprises you, welcome to not-so-sunny times in Miami what a shame
I don't like mountains...😮
Miami: paradise for the rich; hell for the poor.
The Miami dade chairman’s catwalk was unnecessary
Sure, that wasn't necessary 😂
All this happen in 4 years this is crazy. My friend who makes 95k is moving an engineer at that.
It is the high prices of property insurance,
What “starter home”?
HOME PRICES ONLY GO UP!
It’s crashing!! Inventory is skyrocketing but people pricing homes like the market is still hot.
The Reventure App shows housing prices coming down in Florida, don't forget The largest Lobbyist is the National Association of Realtors who just lost a large lawsuit. This doesn't mention Ron Disantis elimination of the 25% rule, the high insurance and property taxes or the effects of climate change on prices... Developers have more rights than the endangered Florida Panthers nowadays, sadly it's the problem with our politicians in Florida. Which special interest is in their wallets.
What's really ridiculous is keeping a home with these outlandish property insurance and taxes. Where are our elected officials? Lining their pockets. I for one will be voting them ALL out come elections.
Well look who just caught on
Climate change says, hold my beer
If you don’t have at minimum $5 million for house, don’t buy a house in South Florida ( Miami, Broward, and Palm Beach) because you will become house poor
Who would want to live in a state where your governor was Ron DeSantis?
NOT ME
Not me either
Really? What about Gaven newsom?
I do. And I will vote for him again and again. He's been the best thing that has happened to Florida in a long time. But probably you're not even from here and just talk sht. Not uncommon these days.
25? Dude is still a kid
I would not live in the entire state for nothing! 👍
The solution for that couple is simple, MAKE MORE MONEY. That always seems to be the answer that no one wants to admit to. 🙄
Working class city
I don’t understand why people want to live in south florida. it is too hot, impossible to do outdoor activities during the summer, over priced homes outrageous home insurance and high property taxes, and it takes you about 9 hours of driving just to exit the state if you want to take a roadtrip.I have lived in the florida panhandle and in the Midwest So I can compare and tell you that it is foolish to move here.
The banana republic of South Florida.
Welcome to Miami
Nobody are the locals
poor kid doesn't realize the whole out look on the economy is almost in the pit if you do your research the question is it in 2024 or 2028/2029 ? you made it this far dont give up and make a big purchase .....
DeSantis's Florida
Suburbs are cheaper
You don't say
lol 😆
People born there can’t even afford to live there
CBS, trashing Florida again. I live retired in South Florid & life is great!
Time to leave 🎉
Deberían cambiarle el nombre a MIERDAMI.......Yo vivo en Madrid, Madrid es mucho mejor, y fui a Miami hace dos años; que ciudad màs estresante dw mierda .....!
Yes Madrid is so relaxing ( being ironic )
You did well , stay at Madrid with such vulgar vocabulary
Biden’s America
🙏🙏🙏🙏