Billionaires like Ken Griffin are moving to Miami, but experts say middle-earners can’t copy them - Fortune

What the report says

Fortune reports that Miami’s appeal to wealthy domestic migrants, including billionaire Citadel CEO Ken Griffin, is not translating into a practical path for many middle-income households seeking to buy homes there. Real estate experts told the publication that, given the scarcity of lower-priced properties and high ownership costs, renters earning middle-class salaries may be better positioned than buyers in the current market.

The article cites a Realtor.com analysis of IRS migration data showing Florida drew more wealth from domestic movers than any other state in 2023. Fortune also reports that newcomers had an average annual income of $122,530, according to Miami Association of Realtors chief economist Gay Cororaton, compared with a U.S. average salary of $64,505. Redfin data cited in the story put the average Miami home price at about $652,110, far above the national median sales price of $398,771. Experts estimated that buying a typical Miami home could require annual income of roughly $160,000 to $215,000.

Fortune frames the issue as broader than billionaire purchases of trophy properties. Housing experts cited chronic under-building, limited land, strong demand, high financing costs for developers and a shortage of affordable listings. In Miami-Dade County, the Miami Association of Realtors said homes under $400,000 accounted for only 2% of active single-family listings in early 2025, while properties at $1 million or more made up 42%.

Experts quoted by Fortune said renting remains the more realistic option for many workers earning below six figures, though they noted similar affordability pressures in cities such as New York, San Francisco and Boston. The report suggests Miami’s housing market may be stabilizing, but affordability remains a major barrier for would-be middle-class buyers.