Miami lost 85% of its affordable single-family homes in six years. The city is becoming an exclusive playground for the ultra-wealthy.

The Big Picture

A billionaire wave has washed over Miami, many fleeing proposed California wealth taxes. But as luxury properties flourish, the middle class is being squeezed out. Median listing prices sit at $630,000, with middle-income options vanishing faster than nearly any other major metro.

"The typical home in Miami is not affordable to the median-earning household," says Hannah Jones, senior economic research analyst at Realtor.com. "In February 2020, about 24% of available single-family inventory was priced below $350,000. In February 2026, the share was about 3.5%."

“"For teachers, nurses, service workers, office workers, and a lot of everyday families, owning in Miami is starting to feel out of reach."”

Why It Matters

This isn't just a housing price story. It's an urban viability crisis. Miami needs essential workers to function, but those same workers can't afford to live there. Real estate agent Ron Myers puts it bluntly: "It is not just the home price. It is also insurance, taxes, HOA fees, and the overall cost of living."

The data tells a brutal story. Million-dollar properties made up 68% of all home sales in Miami-Dade County in December 2025. In the single-family segment, $1 million-plus properties accounted for 29% in Miami-Dade County alone.

Shauna Walters of Sotheby's International Realty in Miami notes: "The gap between local wages and housing costs has widened significantly across South Florida. For buyers with 'normal' jobs, it is tough to compete at today's price points."

The luxury market keeps accelerating. Year-to-date sales of million-dollar homes in South Florida hit an all-time high since 2008, with 2,040 sales as of February 2026. In February, million-dollar single-family home sales climbed 17.8% year over year.