It's getting harder to afford a home – any home – in Miami and that is helping to lead the South Florida market to dominate a national list of most overvalued cities.
Nationally, first-time buyers must now earn 13% more than a year ago (or $64,500 annually) to pay for a starter home. Rising costs measure worst in Miami (up 24.8%), second only to Fort Lauderdale (28%) year over year, according to a recent report from Redfin.
According to this month's Beracha and Johnson Housing Index, nine of the top 15 most overvalued and steadily rising metro areas in terms of value in Florida, including Miami.
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