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Miami Becomes Most Expensive City in the Country: Home Rental Prices Rise 57.2%

Miami consolida el 2021 como el año con mayor venta de bienes raíces pese a la pandemia

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The price of home rent in Miami skyrocketed over the past year, a period in which it rose 57.2 %, the largest increase among the top 50 U.S. cities, according to a report released this week.

With this notable rise, the average price of a home in Miami stood at 2,988 dollars, only surpassed by 12 dollars by the metropolitan area of Los Angeles, and the also Californian San Diego (3,016) and San Jose (3,075), the latter where a good part of the workers of Silicon Valley live.

It is not for nothing that Miami is becoming known as the New Silicon Valley, after many technology companies moved to South Florida in the last two years in the midst of the pandemic, pushed by the good weather and business climate and the state’s attractive tax system.

The arrival of people with higher purchasing power has pushed up housing prices and, according to the latest study by the real estate portal Realtor.com, Miami has already surpassed the cities traditionally seen as the most expensive in the country: San Francisco, with an average of 2,982 dollars, and New York, with 2,750 dollars.

“We have data showing that Floridians are the most cost-burdened renters in the country, with more than half of renters spending more than 30 percent of their wages on housing,” state Rep. Fentrice Driskell said Thursday.

This opinion is based on other previous studies, such as the one recently published by another real estate portal, RealtyHop, which indicated that Miami surpassed Los Angeles in October 2021 and New York last February as the most expensive city in the country in relation to household incomes, much lower than in those large cities.

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The Realtor report further notes that, nationally, last March was the eighth consecutive month in which rent growth has reached double digits for properties with up to two bedrooms (17% year-over-year).

Although housing rent growth is slowing, the national average continues to “reach new highs,” the study noted.