Miami is a hot spot not only because of the weather but because of the high demand real estate market. Just in one year, prices overall rose about 19.7 percent.
According to a list put together by HSH, they claim that Miami is among cities that only require you to have a salary in the range of $43,918.66 to be able to purchase a house in the “average price zone” of $254,900. That would give you an average estimated monthly payment of $1,024.77 (yeah, right).
This estimate seems highly inaccurate and you just wait, prices are skyrocketing and this “annual salary requirement” will be null and void real quick. Home prices are rising at phenomenal rates and wages aren’t keeping up. To see the rest of the cities on the list, you can see San Fran’s requirement at the top of the list with $115,510.06 yearly salary needed. And then Cleveland at the bottom of the barrel with a needed salary of $19,435.17. Click here to see the rest of the list.