Miami is one of the most expensive cities in the world to live in, with residents willing to spend significantly more for the privilege of living here, a new study shows.
The report was authored by noted Richard Florida and Steven Pedigo, as part of the Miami Urban Future Initiative, a joint effort between the Creative Class Group
and Florida International University.
Some of the findings include:
Not building enough new housing – Just 4% of housing units in Miami were constructed in 2010 or later, 19th lowest of any large metro. In contrast, Austin, Raleigh, and Houston have seen their housing stock increase more than 10 percent since 2010
Rising prices – Homes in the Miami area have appreciated more than 50 percent on average between 2014 and 2018, third highest of any metro area in the nation
Home prices – The median home in the area now costs $409,000 (11th highest) while the median rent is $2,095 (eighth highest)
Paying more to live here – residents are willing to spend more of their income to live here than almost anywhere else, with only Los Angeles ranking higher in the U.S. for percentage of income spent on housing. Miami is also seventh most expensive (income to housing cost) in the world.
Myth of unoccupied homes – Miami has a homeowner vacancy rate of less than 2 percent, which is within 1/10th of a percent of the national average