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"How high are mortgage payments rising? In Miami, they’ve surged 83% in just one year
Miami experienced the largest jump in mortgage payments of the 15 metros on our list with an 83% surge in just one year. Renters didn’t have it much easier—those prices surged 57.2% in March compared with just one year earlier, according to the most recent Realtor.com data.
The demand in Miami has been fueled by out-of-state buyers and investors moving in during the COVID-19 pandemic, lured by the warm weather and the absence of an income tax. The ability to work from home allowed many buyers to relocate. Others moved for work as some companies, including tech and finance organizations, relocated or opened up branches in the Sunshine State. And retirees and soon-to-be retirees continued to pour into the state."