Study ranks Miami home markets among country’s worst

by Kelly McCabe

Weighing things like median home-price appreciation, home sales turnover and job growth, WalletHub recently released a list of the country’s best and worst housing markets.

Out of the 300 measured, Miami and Miami Beach rank toward the very bottom, at Nos. 286 and 297, respectively. Further, of the 62 large cities measured, Miami ranked at 60. 

As far as individual rankings, Miami Beach ranks at No. 280 for the highest average number of days a home spends on the market before being sold. Also in the metropolitan area, Miami Gardens is tied for No. 284 for the most unsold homes owned by banks. 

The news comes on the heels of a recent report that the Miami metro area has a two-year backlog of condominiums. The area is known for a dearth of condos and luxury housing, which may be at the center of the Miami area’s housing issues. Miami New Times notes that while Miami placed relatively well for population growth and job growth — 57th and 70th, respectively — the gap between wages and housing continues to widen. 

To rank the cities, WalletHub focused on two key dimensions: real estate market and affordability and economic environment. Those two dimensions each contained 21 metrics, each of which was graded on a 100-point scale. 

 

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