Only 42% of Miamians Can Afford a Mortgage, According to Rentals Website Zumper
Only 42% of Miamians can afford a mortgage to buy a home, according to rentals & research website Zumper, which surveyed 6,000 people from across the country and compared their answers to a formula used by Bloomberg to determine the minimum salary required for a mortgage. That’s pretty abysmal, particularly considering we ranked the fourth to last metropolitan area out of the 15 that Zumper studied, only faring better than San Diego, Los Angeles, and San Francisco.
The New Times uses this as a counterargument to the oft-cried “millennials suck” narrative, but it’s also a sign of how unsustainable the Miami housing market would be if not so dependent on global interest and and money to prop it up. The luxury condos still selling right now aren’t for locals. Some may buy in them, but they’re not for us. Lately in Miami, we haven’t been building for ourselves. We’ve been propped up, perhaps like we’ve always been propped up, by international attention and desire for a certain kind of life. It’s a lifestyle that many Miamians just cannot afford.