According to a new Redfin report, luxury homes in Miami cost 9 times as much as regular homes. One of the biggest gaps in the country. Wealthy people aren't deterred by climate risks because they can afford to protect their homes or they can afford to take a loss.
"I'll just say $4.855 million, which is 8.8 times $554,000. So there's this much bigger gap happening in Florida between the most expensive homes and the median priced home, which is way bigger than what you see with the smaller gaps. Like Portland, it's a 2.6 gap. Sacramento, 3. Columbus, 2.9. And I find this so interesting because of the climate implications. I could definitely foresee that in Florida, especially these coastal Florida vacation destination, wealthy destination areas, that extremely wealthy people are not at all deterred by climate change when it comes to deciding whether to buy a home."
💬 Discussion
According to a new Redfin report, luxury homes in Miami cost 9 times as much as regular homes. One of the biggest gaps in the country. Wealthy people aren't deterred by climate risks because they can afford to protect their homes or they can afford to take a loss.