Priced Out: Miami’s Homebuyers Struggle Amid Soaring Costs

For Miami homebuyers like Sue-Ann Shaw, the dream of owning a home feels increasingly out of reach. “The cost of living down here is crazy,” she said, pointing to skyrocketing prices, interest rates, and property insurance that have made purchasing a home nearly impossible for many.

Mortgage applications have plummeted since 2021, when interest rates were at record lows. Today, it takes a median-income family in Miami around 12 years to save for a 20% down payment. To keep housing costs under 30% of income, a household must earn $130,000 a year, yet the median income in Miami-Dade remains about $70,000—barely higher than it was in 2005.

Mortgage broker Kalil Jones said buyers are now pooling family incomes to qualify for loans. “Sometimes you need grandma’s Social Security or a working child to get approved,” he explained.

Still, the market shows some signs of softening. Homes are sitting longer, and sellers are offering $10,000–$20,000 in concessions. New construction deals and down payment assistance programs, like Florida’s Hometown Heroes and Florida Assist, offer additional hope.

“You can always buy your dream home later,” said agent Arlene Shaw. “For now, focus on what matters most.”