Miami Beach housing market is the most unequal city in the U.S., according to a report from national real estate brokerage Redfin.The average luxury homes in Miami Beach was $6.3 million in Q3, about 12 times as much as the average price ($522,000) of a typical home.
Nine of the 20 most unequal cities were in south Florida, where the luxury real estate market isn’t driven by the local economy. The median income in Miami-Dade County is only $43,000, and there’s no high-paying oil or tech industry.
“It’s a case of the haves and the have nots,” said Aaron Drucker, Redfin managing broker in South Florida. “Buyers in the multi-million dollar luxury market are foreign or coming from out of state, while the folks who live and work here full time make up the rest of the real estate market.”
Other cities on the unequal list: Atlanta, Houston and Los Angeles, where luxury properties are more than five times more expensive than a typical home.