Florida's Housing Market Becomes Least Affordable Amid Pandemic Boom.

Miami has become the least affordable housing market in the US, with homeowners spending up to 79.9% of their monthly income on homeownership expenses, according to RealtyHop Housing's May affordability index. The surge of transplants to Florida since the pandemic has caused prices to skyrocket, eroding the state's all-alluring affordability. The influx has since caused increased mortgage rates that are making Florida less attractive to homebuyers. However, high-earning New York City residents can save up to $195,000 by moving to Miami, thanks to the city's cheaper taxes and living expenses.