Looking at the numbers, Miami is one of the markets with the highest housing burden relative to income in all of Florida.

According to Zillow, the average home value is $582,000, and the median sale price over the last three months has reached $652,000. Taking into account the data variance, we will proceed with a calculation based on $585,000.

Assuming a 20% down payment, the loan principal would be $468,000. Based on a 30-year fixed rate of 6.75%, the monthly principal and interest would be $3,035. Miami's property tax rate and insurance premiums are both among the highest in Florida, with property tax at $731 per month and insurance at $150 per month, bringing the total monthly housing cost to $3,917.

Using the DTI 28% rule, the required monthly income would be $13,988, which translates to an annual income of about $167,858. Considering that the median household income in Florida is around $77,700, the average home price in Miami exceeds what a median income household can afford by more than double.

• Average home value in Miami: approximately $580,000 to $650,000
• Monthly housing cost (principal + tax + insurance): approximately $3,917
• Required annual income based on DTI 28%: approximately $167,858
• Median household income in Florida: approximately $77,700

Compared to nearby Fort Lauderdale or West Palm Beach, Miami still maintains the highest price range. Data shows that within Miami-Dade County, the income requirements tend to decrease significantly as you move westward away from the city center or towards Homestead.

A significant number of Korean households often approach the Miami condo market for investment purposes rather than for primary residence. If the income criteria do not match for primary residence, it may be safer to maintain renting while accumulating assets rather than forcing entry. It's also important to consider that including HOA fees may increase the actual monthly burden beyond the calculated amount.

Data indicates that Miami is a market with steady international capital inflow, making it unlikely for the income threshold to drop significantly in the short term. For those looking to reside, broadening the search to nearby areas that fit the budget seems to be a realistic approach.