Miami has one of the hottest real estate markets in the country.
Real estate developers are promoting new housing in drier parts of the city as an escape from regular flooding, researchers have found.
And Miami is far from alone — coastal flooding, extreme heat, and other climate impacts are affecting cities across the country.
And Miami residents are spending a larger share of their income on housing these days.
The rent-to-income ratio in Miami has risen from 35.9% in 2019 to 37.0% at the end of last year, according to Moody's.
Persons:
Moody's, Pedro, —
Organizations:
Service, Business, Liberty, Dade, McKinsey & Company, Miami
Locations:
Miami, South Florida, Little Haiti, Liberty City, — Miami, Florida, Dade County