More from the series
Priced out of Paradise: City in Transition
Miami-Dade is the most expensive metro in the U.S. for renters and one of the costliest for home buyers. This series explains why that’s so and what it means for the region and its residents. Our interactive tool helps renters and buyers match their budgets to affordable neighborhoods. Future stories will explore solutions to South Florida’s housing crisis.
For renters, Miami-Dade is the most expensive city in the U.S.
Homebuyers have it better.
As of 2017, homeowners in Miami-Dade paid 22.7 percent of household income on annual housing costs. That’s similar to Los Angeles and Brooklyn, but more than in the counties for Chicago, Dallas or Houston.
In Miami-Dade, as elsewhere, homeowners skew wealthier than the total population. The median household income of Miami-Dade homeowners is $68,061, significantly more than the total county median household income of $49,930.
Still, buying isn’t cheap. In Miami-Dade, the median price for a single-family home is now $372,000, while the median price of a condo is $249,500, according to the Miami Realtors Association. When it comes to single-family homes, Broward is even slightly more expensive, with a median price of $380,000. Broward condos are a relative bargain at a median price of $172,000.
Despite those high prices, some neighborhoods still offer strong value. Our interactive online tool will show you where you can afford to buy and rent in Miami-Dade and Broward counties at any budget.
For this series, we focused on seven neighborhoods with a steady supply of homes and condos priced under $300,000 — an amount generally considered attainable for two college-educated earners. Living in them requires some sort of compromise: a commute, schools below the A-grade or crime above the nation’s average (score of 100).
In their favor: All are up-and-coming neighborhoods where the dollar still has muscle.
One of Miami’s best bargains
A family place with condos
Single-family homes for under $300,000
On the early part of an upswing
Filled with townhomes, condos
Homes with ‘lots of potential’
No longer for your granny