Miami is Now the Second Most Expensive Place to Live in the U.S., Putting Los Angeles in Third Place

Miami, Florida, has passed up Los Angeles as the second most expensive housing market in the United States.

According to the October 2021 Housing Affordability Index report by RealtyHop, Miami is now the second most expensive place to live in the States. RealtyHop looks at how affordable the housing market is in the country, Local 10 News reports.

The city is now second, with New York still holding it down as the most expensive place to live. The median income in New York is $63,998, and the median home price is $958,000.

The news outlet reports that the median household income in Miami is $39,049, while the median price for a home is $549,000. Miami just shot up to second place after being in third place last month.

The median income in New York is $63,998, and the median home price is $958,000.

“Miami overtook L.A. as the second most expensive housing market in the nation, even though the price decreased slightly since our last report,” states the report, per Local 10. “A household in Miami should expect to pay $2,653 per month toward homeownership costs, or roughly 81.55% of median incomes.”