So, how much do you need to make to live in South Florida?
FORT LAUDERDALE - With rent skyrocketing and higher interest rates on homes, the truth is it's expensive to live in South Florida, but one homeowner says there are options.
Two years ago the market was very different. Buyers could negotiate just about anything because sellers wanted their homes off their hands with the looming global pandemic.
Now, things are way different. According to data from the United States Census Bureau, in Miami Dade County the median household is $57,815. In Broward County they're making a little more, coming in at $64,522.
However, in order to be a homeowner in Miami, you need over $126,000 and to rent you basically need $80,000, according to GoBankingRates.
One Sotheby's Realtor Jay Granieri says while the last two years were for the sellers, now sellers are back to making some concessions, fearful their homes may sit on the market too long.
Still, prices are high. According to RentHub, the average rent in the most expensive zip code 33127 is $4,035. In the least expensive zip code 33160 it may cost $1225.
For perspective, in Fort Lauderdale, in the most expensive zip code of 33135, the average rent is $3,450. The least expensive zip code of 33313 may run you $1,350.
So do you rent or buy? "Choosing the higher rent rate with no equity gained on something like that or moving over into buying a house," said Granieri.
He also says we haven't seen the market level off just yet, but questions when it does will there be enough inventory for the demand?
The housing crisis is leaving many desperate for help. That's why CBS News Miami wants to share your stories to show the crisis you're in or how you navigated the system. We will highlight these issues and work to get answers and solutions. Send us an email at housing@cbs.com.
