Every month, the Miami Association of Realtors releases its monthly sales report, which highlights the area’s housing happenings, and prominently featured among the staple data is home prices. Despite single-family homes increasing in price in 50 of the last 51 months, the association maintains that “Miami’s residential properties are still a bargain in the world market.” However, two reports recently released on the state of home affordability and wage growth in the city challenge that claim.

From the first quarter of 2014 to the same period in 2015, RealtyTrac reported that average home prices in Miami-Dade County jumped 13 percent, which surpasses increases in New York, San Diego and Cook (Chicago) Counties. During the same stretch of time, wages in the county only managed to inch forward 3 percent, further exacerbating a wage-home price gap we reported on earlier this year.

The growing divide between what homes cost and what buyers can afford is especially pronounced in Miami because of how much housing costs relative to household income.

According to a report from UC Berkeley’s Terner Center for Housing Innovation, 36.8 percent of Miami homeowners dedicated more than 30 percent of spending to housing – third highest among major metros (behind only New York and Los Angeles).

There are no indications currently that either trend in slow wage growth or rapid home price escalation will subside anytime soon, despite slumping sales.