South Florida

10 insights into Miami’s evolving housing costs

Stories by Miami Herald journalists, with AI summarization

Miami's evolving housing costs reflect a complex interplay of declining rental rates, increasing home prices and new affordable housing initiatives.

Renters have seen slight relief in rental prices, yet the region remains one of the least affordable, with significant gaps between median incomes and housing costs.

Condo owners grapple with rises in association fees tied to new legislation, while prospective buyers face high home prices and limited federal loan availability.

Developers are responding with large-scale projects emphasizing affordable and workforce housing, like Magic City Innovation District and Little River’s 5,700-unit redevelopment plan.

Here's a look at what's happening.

The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories below were reported, written and edited by McClatchy journalists.

Kendrick Moore, who had to leave the military due to an injury and became homeless, bounced back with the help of Camillus House. He posed inside one Camillus House kitchen in Miami on Friday Oct. 11, 2024. By Alexia Fodere

NO. 1: THESE NONPROFITS PROVIDE HOUSING TO MIAMI’S HOMELESS. NEW PRESSURES CREATING NEW DEMANDS

Miami-Dade County has many nonprofits focused on addressing homelessness. | Published October 14, 2024 | Read Full Story by Rebecca San Juan

File photo of houses in Miramar, where all homeowners take their homestead exemption tax break. By J. Albert Diaz

NO. 2: WITH MORTGAGE RATES COMING DOWN, WILL YOU REFINANCE YOUR HOME? HERE’S WHAT TO KNOW

Refinancing can be costly. But there are advantages, too. | Published October 15, 2024 | Read Full Story by LEW SICHELMAN

A rendering of a developer’s plan to build three towers of apartments by Miami International Airport. The land is owned by Miami-Dade County but it sits within Miami Springs’ borders. Miami Springs council members will discuss the matter at their meeting at 7 p.m. Monday, Oct. 14.

NO. 3: DEVELOPER WANTS TO BUILD 3 APARTMENT TOWERS IN MIAMI SPRINGS, WHICH ISN’T HAPPY ABOUT IT

The proposed project calls for 1,426 apartments near MIA. | Published October 14, 2024 | Read Full Story by Theo Karantsalis

At 59, Monica Colson never imagined homelessness would find its way into her life. But mounting bills coupled with an unexpected health scare created a domino effect, leaving her unable to make rent. Now, with help from The Caring Place, she is settling into a new apartment. By Carla Mendez/FIU

NO. 4: FINDING HOPE AFTER HOMELESSNESS: A MIAMI WOMAN’S ROAD TO RECOVERY

“I was fighting to hold on to something that needed to be condemned, but it was the only place I had to call mine.” | Published December 3, 2024 | Read Full Story by Carla Mendez

Aerial view of the Caribbean Breeze Condominium, bottom-center, on Monday, July 29, 2024, in Sunny Isles Beach, Fla. Some residents at the condominium pay over $800 a month in homeowners association fees, which has increased year after year. Some residents said they could not afford higher payments, including upcoming reserves. By MATIAS J. OCNER

NO. 5: HOW CAN YOU GET A $50,000 LOAN FOR CONDO ASSESSMENTS IN MIAMI-DADE? HERE ARE THE STEPS

What to know about the county program. | Published January 6, 2025 | Read Full Story by Miami Herald Archives

New York-based Condra Property Group wants to build an 18-story tower along Hollywood Beach.

NO. 6: DEVELOPER’S PLANS FOR HIGH-RISE ON HOLLYWOOD BEACH WERE REJECTED. NOW THEY ARE SUING

The lawsuit could impact how local governments implement the Live Local Act. | Published February 1, 2025 | Read Full Story by Amanda Rosa

Joann Milord, President/CEO of the Little Haiti Revitalization Trust, speaks during a Little Haiti Strategic Playbook Presentation, to discuss the LHRT’s10-year strategic plan, celebrated at the Little Haiti Cultural Center, in Miami, on Saturday March 15, 2025. By Pedro Portal

NO. 7: LITTLE HAITI IS CHANGING. COULD A STRATEGIC PLAN HELP PRESERVE ITS ROOTS?

Little Haiti’s strategic plan addresses jobs, affordability, keeping its culture | Published March 18, 2025 | Read Full Story by Raisa Habersham

A view of a resurgent Northeast Second Avenue in the heart of Miami’s Overtown neighborhood in April 2021, with the Plaza at the Lyric apartments at left and a Red Rooster restaurant in the background at right. By Pedro Portal

NO. 8: RENTERS ARE PAYING LESS FOR APARTMENTS IN MIAMI, BUT THERE ARE ISSUES. SEE THE COSTS

Here’s a look at housing costs and ways to navigate the crisis. | Published March 14, 2025 | Read Full Story by Howard Cohen

A view of the Miami skyline off Biscayne Bay includes condos in a file photo from December 2024. By Pedro Portal

NO. 9: IS IT MORE EXPENSIVE TO BUY A HOUSE IN MIAMI? ARE CONDO SALES STILL DOWN? TAKE A LOOK

We’re breaking down the average cost in South Florida. | Published March 21, 2025 | Read Full Story by Howard Cohen

Renderings from the Swerdlow Group show a Main Street-style commercial and residential district and the entrance to a new Tri-Rail commuter station that would be built under a massive proposal that aims to transform a broad swath of Miami’s Little River-Little Haiti neighborhood.

NO. 10: NOW WITH MORE AFFORDABLE HOUSING, MASSIVE MAKEOVER PLAN FOR LITTLE RIVER WINS APPROVAL

“Everyone for 20 blocks in every direction is going to gain a lot from this. It’s going to be very good for everybody,” the developer says. | Published March 28, 2025 | Read Full Story by Andres Viglucci

This report was produced with the help of AI tools, which summarized previous stories reported and written by McClatchy journalists. It was edited by journalists in our News division.