Billionaires like Ken Griffin are moving to Miami—but middle-class earners can’t copy them and reap the same benefits, real estate experts say

July 19, 2026 - 20:17

Real estate experts say middle-class earners hoping to follow billionaires like Ken Griffin to Miami are better off renting than buying, as the city's housing market becomes increasingly unaffordable for average workers. The influx of ultra-wealthy individuals has driven up home prices and property taxes, creating a market where a six-figure salary no longer guarantees the ability to purchase a home.

According to analysts, the median home price in Miami has surged past $600,000, while the median household income hovers around $55,000. This gap means that even dual-income families earning a combined $150,000 struggle to qualify for mortgages on single-family homes. "The math simply does not work for the middle class," one expert noted. "You need a down payment of at least $120,000 and a monthly payment that can exceed $4,000 after taxes and insurance."

The trend is driven by a wave of corporate relocations and wealthy transplants from high-tax states like New York and California. These buyers often pay cash or offer well above asking price, squeezing out local buyers. Meanwhile, rental prices have also climbed, with the average two-bedroom apartment now costing over $3,000 per month. For many, renting remains the only viable option, though it offers no long-term equity.

Experts advise middle-class families to consider neighboring areas like Broward or Palm Beach counties, where prices are slightly lower. But even there, the ripple effect of Miami's boom is shrinking the pool of affordable homes. Until new construction catches up with demand, the dream of homeownership in South Florida remains out of reach for most earners.