Most affordable real estate markets in Miami
Miami is one of the hottest real estate markets in the United States. When you take into account how many people are moving to Miami and how much of a popular destination it has become among tourists, this fact comes as no surprise. Due to all this, Miami and Florida, in general, aren’t easy to afford. It’s only natural for you to worry about the cost of moving and after-move housing expenses. However, no need to be discouraged since Pro Movers Miami can provide you with affordable moving help, and furthermore, this article will show you that it is possible to find affordable real estate markets in Miami.
Introduction to real estate markets in Miami
Before diving into a discussion on what is affordable and what isn’t, it’s important to understand how the whole real estate market in Miami works. This way you get the whole picture and, therefore, your decision will be easier to make.
Real estate markets in Miami are red-hot
You don’t need us to tell you that Miami is popular. Everyone knows that but what they don’t know is exactly how much growth Miami has truly gotten in the last few years. The pandemic has made catastrophic impacts on most metropolitan areas in the United States, but not Miami. Actually, it has made it the top destination in the US. Of course, even the sunny south wasn’t immune to the effects of the pandemic but compared to others that impact wasn’t so big. This made a big influence on the real estate market and Miami became one of the least affordable cities in the nation.
As of 2022. , median home price in Miami is $416,000 and it is continuously moving up. We will go into more details when we get to predictions, but for now, it’s safe to say that it is fairly certain that the growth won’t stop anytime soon. In 2021. , there were almost 40.000 sales in the Miami metropolitan area, which is twice as much compared to 2020. That is the proof that the pandemic impact can no longer be felt in Miami’s housing market, and why is it only natural to expect further jumps in prices. This especially goes for summer which is the busiest moving and real estate season, and companies have so much work to do. So if you’re planning on moving to the most attractive parts of Miami soon, it would be best to reach out to white glove movers Miami Beach soon.
Average rent costs for apartments in the Magic City
Since all real estate prices in Miami are going up, you would probably assume that the rents aren’t cheap and you’d be right. Still, if your budget is limited and you’re worried about affording it, there is no reason to panic. You can always find ways to decrease the price. One of the most obvious ones is living in the most affordable neighborhoods in South Florida. But even without that, finding a roommate cuts the expenses in half. That’s why it’s good to assess all options before making a choice. However, you can only do that after you’ve learned what are the rent prices, so let’s jump into it. These are the average monthly rents depending on the size of the apartments.
- Studio apartment – $2,197
- One-bedroom apartment – $2,600
- Two-bedroom apartment – $3,383
- Three-bedroom apartment – $4,750
And if you need any help with the most difficult part of every apartment transition, which is packing, there are companies that provide professional packing services Miami so you don’t have to worry about forgetting or breaking something.
What to expect in the future?
In the last ten years, Miami has been growing both in the number of residents and real estate prices. To be precise, the yearly increase in Miami’s real estate appreciation is almost 10%. This easily puts it in the top 10 US cities regarding that matter. When it comes to forecasting it’s important to take into account an extended period of time, one or two years is simply not enough. But in this case, by considering the last ten years, it seems like future growth is inevitable. This is why researchers suggest that it is a good time to invest in property all over Florida as it looks like a safe venture.
Miami neighborhoods with the most affordable real estate markets
Talking about affordable parts of Miami it’s worth noting that some neighborhoods have higher real estate prices, but at the same time are among the most affordable when it comes to the overall cost of living. Coconut Grove is the perfect example of this. So, before you decide where exactly you want to settle in Miami, don’t forget to do your research and consider things other than real estate prices, such as in-demand jobs in Miami, that could boost your career and allow you to live in any neighborhood you want.
So if you’re considering moving to some of the best parts of Miami such as Midtown, don’t let the real estate prices put you off. With the help of movers Midtown Miami, you will have a quick and smooth relocation that allows you to start working there as soon as possible. We’re just saying that it’s good to take every segment into account in order to make the best decision. However, since we’re here to tell you what are the most affordable real estate markets in Miami, here they are:
- Liberty City
- Bay Harbor Islands
- Hialeah Gardens
- Miami Shores
- Sunny Isles Beach
- The Hammocks
With Miami becoming one of the fastest-growing real estate markets in the nation, it’s best to react quickly. However, in spite of that, moving to Miami is a big decision and should be treated as such. Start planning your move as soon as possible, but when you do start, give yourself enough time to make a final decision on which part of the Magic City are you going to live in. We hope this article was helpful and there are no doubts that you’re going to love living in Miami.