Billionaires like Ken Griffin are moving to Miami—but middle-class earners can’t copy them and reap the same benefits, real estate experts say
Miami has become a top destination for wealthy Americans seeking tax advantages and lifestyle upgrades, with billionaires like Ken Griffin, Jeff Bezos, and Eric Schmidt moving in. However, real estate experts say middle-class families cannot follow suit due to severe housing affordability issues. The average Miami home costs $652,110, requiring an annual income of $160,000 to $215,000, pricing out 80-85% of Americans. Only 2% of single-family listings in Miami-Dade County are under $400,000, while 42% are over $1 million. A chronic shortage of affordable homes, years of under-building, high borrowing costs, and strict post-2021 condo safety laws further constrain supply. Experts advise middle-income earners to rent rather than buy in the current market.
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