Why the middle-class is being permanently priced out of Miami

• More apartments are being built in Miami than anywhere else in the US, the Wall Street Journal reported.
• Some 90% will be luxury units, following a demographic shift in the area.
• This is likely the new normal, a top housing expert told Insider.

People from all over the country flocked to Florida during the pandemic, reshaping the housing market there forever.

Now, "the Florida housing market is undergoing a restructuring as a result of the work-from-home phenomenon," housing expert Jonathan Miller told Insider.

There is an onslaught of luxury apartment towers designed for these newcomers expected to enter the market next year, the Wall Street Journal reported this week. Particularly in South Florida, it's a sign that these wealthier newcomers — mostly from the northeast — have permanently altered Miami's housing market, Miller said.