If you are on this website, you are most likely planning to move to Miami. And more precisely, to move to a home that will not cost you a fortune. Miami is not so expensive as New York City or San Francisco, but you cannot call it a cheap city either. Finding affordable housing in Miami might be a challenge, especially in certain neighborhoods. But it is not a “mission impossible.” In this article, you will find tips on how to find affordable housing in Miami.
Before we start: some dry numbers that speak much
Numbers may be boring, but they illustrate the Miamian housing the best. The study on housing and affordability did by Our Miami paints a rather gloomy picture. Miamians’ median income is below $50,000. That is lower than the US average and
much lower than other large US megalopolises like New York City or San Diego. Miami’s so-called Gini coefficient or income inequality is 0,5: where 1 stands for extreme inequality. And the prices keep growing. Statistics show that a Miamian family needs around $274,000 to build a new home, which is $100,000 more than only two years ago.
It is not just Miami’s problem. In fact, the whole south of Florida is facing an affordable housing crisis. Immobility prices and taxes are on the rise, and there are no signs of change. This forces people to look for weird and even humiliating alternatives to houses or flats.
As you can see, the numbers show that the situation with affordable housing in Miami is far from perfect, to say the least. But it does not mean that there are no cheap (or relatively cheap) places to live here. There are. Here are some tips that might help you find them.
Do a research on neighborhoods that offer (relatively) affordable housing in Miami
Miami is not all about posh life and glamour. To find affordable housing in Miami, you need to know where to look for it. Different neighborhoods of Miami have different housing prices.
The 6 cheapest neighborhoods of Miami that offer most affordable housing prices all share a set of similar characteristics.
They all have a population of fewer than 35,000 people, usually around 15,000. Ideal if you want more peace and quiet, more space but fewer neighbors. These are all black neighborhoods, where African Americans make 70% or more of the overall population. The median age here is 30 or less: a heaven for young newcomers who want to socialize upon moving to Miami. Many of them are going through a period of economic growth. So, finding a job in this neighborhood of Miami should be a piece of cake. Finally, what makes these neighborhoods the most attractive: the median housing rent. Below $1,000, in all of them.
Here are the top-6 cheapest Miami neighborhoods where you are most likely to find affordable housing.
Liberty City: $680
Pinewood Park: $765
West Little River: $906
El Portal: $960
Just for comparison: in Mid-Beach Miami, the center of city’s luxury life, the new home can cost up to $55 million. If you want to find affordable housing in Miami, you’d better not even try this neighborhood!
Find affordable housing on the outskirts of Miami
Like in all growing megalopolises of the world, you are more likely to find affordable housing in Miami’s suburbs. In fact, this is what many Miamians do: sell their homes in the city and move out to the more peaceful neighboring towns. For that reason, Miamians spend around 22,4% of their income on transportation i.e. commuting. If this is not a problem for you, consider trying out this option as well.
In their research, Movoto Company has gathered around a dozen of towns near Miami with affordable housing. In all of them, the percentage of income spent on housing is below the national average. And an average price of a new house in these towns is below $250,000! Here are the top five cheap Miami suburbs that are tailored for newcomers on a budget:
- Lauderhill: 30 miles from Miami, average home value: $107,500
- West Park: 21 miles from Miami, median home price: $113,000
- Miami Gardens: 18 miles, $135,700
- Hallandale Beach: 20 miles, $140,200
- North Miami Beach: 18 miles, $153,600
So, if you cannot find affordable housing in Miami, you might find it quite near Miami.
Moving alone and new to Miami? Consider sharing a flat
If you still believe that buying or renting a home on your own would flatten your wallet, there is another option. You might want to share an apartment with a roommate. As a location of many high-ranked universities and colleges, Miami attracts students from far and wide. Most of them would like to save money like you too.
If you do not know anyone who might be a good neighbor, try finding them on special roommate-seeking online services and apps. There will surely be the best person for you, maybe even more than one. Together you will not only find affordable housing in Miami but make it even more affordable by splitting the costs. Definitely worth trying, don’t you think?
Let professionals help you find affordable housing in Miami
In the end, you can always turn to a professional and reliable moving company in Miami. They will give you best service and answer all your questions about cheap housing in Miami. But be careful when choosing your moving company and do not economize too much. Too cheap companies usually also mean bad service.
Good luck! We wish you to find an affordable house of your dreams in Miami!