Miami Housing Market: What You Need to Know

The Miami housing and rental market presents a unique blend of opportunities and challenges for both renters and buyers. Situated within Florida’s sun-kissed coastlines, Miami’s real estate echoes the city’s culture and its reputation as a hub for international commerce, tourism and upscale fun under the sun.

As a city known for its varied neighborhoods, ranging from the upscale allure of South Beach to the historic charm of areas like Little Havana and Coral Way, Miami’s housing market is full of different living options. The city’s real estate scene is not just about finding a place to live; it’s about embracing a lifestyle shaped by tropical climates, scenic beaches and a melting pot of cultures from across the globe.

The Miami housing market, at a glance

This article delves into the current state of the housing and rental markets in Miami, providing an in-depth analysis of neighborhood-specific trends and data. From the recent price surges in neighborhoods like the Upper Eastside to the more affordable options in areas like Riverview, we provide insights catering to a range of preferences and budget restrictions.

Whether you’re a potential homebuyer, a lifelong renter or just someone curious about Miami real estate, this article will be your detailed guide to understanding why Miami continues to be such a desirable and undeniably unique place to call home.

Neighborhoods by the numbers

  1. Upper Eastside: This area north of Wynwood has seen a notable increase in rental prices, with an average one-bedroom rent at $1,910. Its proximity to popular locations and beautiful views of the bay only add to its status as a top location fro renters and homebuyers in Miami.
  2. South Beach: Known for its legendary nightlife, South Beach’s rent has risen by 7.6% over the past year. The average rent for a one-bedroom apartment is $1,986, reflecting its popularity and the lifestyle it offers.
  3. Dadeland: As an inland neighborhood, Dadeland’s average rent for a one-bedroom apartment is $2,099. Its connection to the Metrorail makes it an appealing choice for those seeking connectivity to Downtown Miami and the Miami International Airport.
  4. Coral Way: This neighborhood has a median rent of $2,375 for a one-bedroom and $2,924 for a two-bedroom unit. Known for its stunning architecture and natural beauty, Coral Way offers a unique living experience in Miami.
  5. Liberty City: With median rents of $1,300 for a one-bedroom and $1,250 for a two-bedroom apartment, Liberty City is an affordable option. The area is transforming at the moment, aiming to improve living conditions and opportunities for residents.
  6. Spring Garden: This historic neighborhood offers a mix of nature and city living, with median rents at $2,499 for a one-bedroom and $1,950 for a two-bedroom apartment. Its park-like atmosphere makes it an attractive choice for those seeking green spaces.
  7. Little River: Emerging as a trendy area, Little River has median rents of $1,350 for a one-bedroom and $1,500 for a two-bedroom apartment. The neighborhood is becoming increasingly walkable and is home to art studios, entertainment venues and restaurants in one area.
  8. Little Haiti: Known for its culture and culinary prowess, Little Haiti offers relatively affordable living with median rents of $1,250 for a one-bedroom and $1,650 for a two-bedroom apartment.
  9. Edgewater: This neighborhood has seen a decline in rental prices, making it an affordable option with an average two-bedroom rent of $2,394. Its proximity to Wynwood and Biscayne Bay only adds to its appeal.
  10. Fountainebleau: Near Florida International University, Fountainebleau offers average two-bedroom rents of $1,819, catering to a younger demographic and college students.
  11. Riverside: A highly populated neighborhood with a busy feel, Riverside offers average two-bedroom rents of $1,628. Its central location makes commuting to other parts of the city extremely convenient.
  12. Riverview: The most affordable neighborhood in Miami, Riverview offers an average two-bedroom rent of $1,356, a decline of 4.26% since 2021.

Affordable neighborhoods

  1. Miami Urban Acres: Near Coral Gables, this neighborhood offers convenience and accessibility to top Miami attractions without the high costs associated with more central locations.
  2. Edgewater: Surprisingly affordable despite its proximity to Downtown and Biscayne Bay, Edgewater has seen a decrease in rents, making it an attractive option for many.
  3. Fountainbleau: This neighborhood is popular among students and young professionals, offering affordable living with plenty of amenities.
  4. Riverside & Riverview: These neighborhoods provide affordable housing options with good access to Downtown and a lively community atmosphere.

Cost of living

Miami’s cost of living is about 6.3% above the national average, influenced by factors like transportation and goods and services prices. Despite this, healthcare costs in Miami are 1.4% below the national average. Public transportation options like the Metrobus, Metrorail and Metromover provide affordable travel within the city, although owning a car is definitely a good idea due to the city’s spread-out nature.

Make the move to Miami

The Miami housing market offers a range of options from upscale neighborhoods like South Beach and Coral Way to more affordable areas like Liberty City and Riverview. The cost of living, influenced by factors like transportation, healthcare,and taxes, varies across different neighborhoods. Miami’s unique perks like its tropical climate, beach access and cultural diversity add to its appeal as a residential destination.

If all the information above has you clamoring to make the move to Miami, you’re in the right place to start down the road toward finding that perfect place.


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