Miami’s measure of income inequality is ranked among the third highest in comparison to other U.S. cities after Atlanta and New Orleans. The income inequality has grown faster than any other city since 2007. According to the Miami Herald, housing prices in Miami’s wealthy neighborhood has outperformed those in poor neighborhoods.
After the housing bubble burst, values of the highest-priced homes in Miami-Dade and Broward counties dropped but never feel below the highest prices of 2003. The lowest-priced homes fell below what they cost in 2003 and remained below the 2003 benchmark in 2013.
According to a recent article, 26 of the Forbes 400 richest people now call Miami home, up from 14 in 2004. Miami is now ranked fourth in the country for Forbes 400 residents, topped by only New York, San Fransisco, and Los Angeles.