Report: Millionaires flock to Miami, are richest in the US

by Kelly McCabe

Anyone in South Florida is all too familiar with the high costs of living in Miami. And while you don’t necessarily need to be a millionaire to afford to live here, millionaires are basically a dime a dozen in the metro area.

A new report from SmartAsset shows that the Miami-Miami Beach-Kendall metro area has the eighth-most millionaire residents in the United States, making up 0.69 percent of all homebuyers there. Millionaires here are also the richest in the country, earning an average of $2.3 million in 2016 — nearly 20 times more than the average Miami homebuyer.

To report the homebuying habits of U.S. millionaires, SmartAsset used U.S. Census data to compare all home purchases in 2016 to all home purchases by households that earn at least $999,000. 

The findings revealed that, although millionaires make a considerable amount of money, they typically take on smaller mortgages than average homebuyers. SmartAsset found that the average millionaire has a mortgage-to-income ratio of 0.71, a ratio that surges to 2.55 for the average homebuyer. 

California proved to be the hottest spot for millionaires in the U.S., with five of the top 10 spots taken by Golden State cities. 

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