I should have said you should look at home price to income ratios for South Florida 5-10 years ago vs. today, not comparing the ratio to other areas. All I'm suggesting is that home prices in South Florida are very likely to fall back to where they have historically been relative to incomes in South Florida.Price to income ratios in Florida have always been out of whack.
Salaries in Florida have always been lower than the rest of the country. It's called the Sun Penalty.
Over the past 5 years home prices went up much faster than incomes, and now they are coming back down even faster. It's just a bubble and prices will settle out where they were before the no money down, no income, no questions asked loans were given to anyone who could fog a mirror in a mortgage brokers office.