Billionaires like Ken Griffin are moving to Miami, but experts say middle-earners can’t copy them

Key Points:

• Florida led the U.S. in attracting wealthy domestic movers in 2023, with newcomers to Miami earning an average of $122,530 annually, nearly double the national average salary of $64,505.
• Miami's housing market has become largely unaffordable, with average home prices around $652,110, requiring an income of $160,000 to $215,000 to cover mortgages, putting homeownership out of reach for 80-85% of Americans.
• The influx of billionaires and ultra-wealthy individuals has contributed to Miami's luxury market, but experts attribute the affordability crisis primarily to a chronic housing shortage, under-building, and high demand across income levels.
• Affordable homes are scarce in Miami-Dade County, with only 2% of listings under $400,000 and 42% priced over $1 million, while infrastructure challenges and strict condo safety laws further complicate the housing landscape.
• Experts recommend renting as the most feasible option for middle-class earners in Miami, noting that home prices may stabilize or slightly decline in the near term, with inventory gradually improving but still below pre-pandemic levels.