10 of 10
BACKNEXT
Miami Fla: 5th least affordable metro area
Miami Fla.
$213,000: A 3-bed, 2-bath Florida contemporary on a small lot.
See More Views:
1 2 3
Median home price: $225,000
Median income: $49,200
Affordability score: 32.5%

Miami housing markets, especially its condo developments, have been shaken by the market downturn. The fall in median home prices, to $225,000 last quarter from a high of $300,000 earlier in the year, took the percentage of homes sold that were affordable to families earning a median income to 32.4% from 16.5%, according to the NAHB-Wells Fargo Housing Opportunity Index.

Unemployment in Miami, at 7.1%, is slightly below the national average but wages average only $49,200, putting the median priced home, at $225,000, out of reach for many families. Just under of third of all the homes sold during the last three months of 2008 were affordable for typical families.

Foreclosure filings hit nearly 50,000 dwellings in the metro area last year, more than 5% of all households, the eighth highest rate in the nation and almost double that of 2007, according to RealtyTrac.

NEXT
Last updated February 26 2009: 12:46 PM ET
More Galleries
7 quirky luxury products for the super rich Take a look at some of the most unusual luxury products being marketed to the top 1% in Monaco, including a rotating sunbed, hand-made wooden skis and fur coats for dogs. More
Five things to know about Putin's Russia An economic crisis, Western sanctions and a comeback currency: What's going on in Russia? More
9 up-and-coming collectible cars They're relatively cheap now but these models have already caught collectors' eyes and are expected to increase in value in years to come More

Special Offer