Five Reasons Regular People Can't Afford Miami Real Estate

Could another real-estate crash hit Miami sometime soon? Some analysts think think so. More than 3,000 condo units became available in the past few years, and a mind-blowing 11,000 are set to hit the market within the next two years. Miami's housing market took a beating in the past three months, and if the trend continues, those 11,000 new units might flood out the market completely.

If you're a condo investor, that is bad news. But there are more than a few working-class folks in Miami who might be happy to see rent and real-estate prices in Miami drop back to affordable levels. Cranes are everywhere, which certainly pleases developers and politicians, but it's hard to find a person without a trust fund who's excited about how much he or she pays for rent right now.

Though the city has never really been a place where the poor have thrived, Miami's housing woes have totally spun out of control in the past few years.

Here are five reasons why:

1. The rent is too damn high, and it always has been.

2. Three-quarters of people of color in Miami don't have much money saved thanks to the city's insane rent prices.

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Jerry Iannelli is a former staff writer for Miami New Times from 2015 to March 2020. He graduated with honors from Temple University. He then earned a master's degree in journalism from Columbia University.