Thread by @MiamiHerald

Oh, Miami. In the 1980s, it was a mosquito-ridden swamp full of retirees and riddled with crime. But in the Magic City, nothing stays the same for long. #PricedOutofParadise (THREAD) hrld.us/2Ihvq10

Now, thanks to a development boom, Miami is a global city. But for longtime locals, their hometown is hardly a paradise, at least not one they recognize. New projects are changing working class neighborhoods like Little Haiti. #PricedOutofParadise hrld.us/2HWgfez

Couple that with some of the lowest wages in the U.S. “The Miami metro area is among the poorest paid,” one economist says. Even high-skilled professions earn less.

The cost of the wage gap: A brain drain that’s on the rise. #PricedOutOfParadise hrld.us/2IoOgmL

Renting in paradise also comes at a stiff price. Tenants here pay more than 38 percent of the median household income on rent. Here’s a look at how that compares to other cities. #PricedOutofParadise hrld.us/2IotOCL

Why is it so expensive to buy or rent in South Florida? For starters, locals must compete with foreign buyers willing to pay above asking price — and in cash.

“Our kids will never be able to buy a house in Miami if this continues.” #PricedOutofParadise hrld.us/2HX4dBN

For international buyers, Miami's a steal. While the going rate of $875-per-square-foot seems astronomical to locals, it’s a bargain for say, someone from London, where it costs $2,515 a square foot. #PricedOutofParadise hrld.us/2HWcJRJ

Want to see where you can afford to rent or buy in Miami? Use our interactive tool. #PricedOutofParadise hrld.us/2IjpSTD

Herald reporters @AndresViglucci, @rjwile, @ReneMiamiHerald and @taydolven will continue to cover the affordability issues in South Florida that matter to you. Support their journalism by subscribing to the Miami Herald today. hrld.us/2wABbRY #ReadLocal