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Upcoming real estate trends in Miami
Are you thinking about buying a property in Miami? Florida is an international tourist destination that attracts thousands and thousands of tourists each year. This state has year-round sunshine and interesting theme parks and tourists’ attractions. Miami is one of the most popular cities not just in Florida, but in the entire country. Because of its popularity, many people want to move to Miami. If you plan the same, you should read about the upcoming real estate trends in Miami. This is especially important if you plan to buy a house or rent a property. You should prepare in advance so you can plan your budget accordingly.
Population growth affects real estate trends in Miami
As mentioned, Florida is extremely important. Analysts expect population growth by more than 800,000 residents in the next two years. Some say that every day approximately 900 new residents will move to this sunny state. As of 2018, more than 21.3 million people live in Florida which makes Florida the third most populous state in the United States. In addition to this, by 2030, Florida might have more than 26 million residents. Lastly, there are the four largest metro areas in Florida.
- Miami-Fort Lauderdale-West Palm Beach with 6.1 million residents
- Tampa-St. Petersburg-Clearwater with 3.1 million
- Orlando-Kissimmee-Sanford with 2.5 million
- Jacksonville with 1.5 million residents
Miami is the sixth most populous city in the United State with 470,914 residents. In addition to this, Miami has the third tallest skyline in the country with over 300 high-rises. 55 of these buildings exceed 490 ft.
Real estate market in Florida
Before you go and hire one of the movers in Fort Lauderdale, you should learn about the real estate market in Florida first. For this reason, here a few important information to remember.
- Median home value is around $238,600 in Florida
- The home value has increased by 4.1 percent over that past year and it will increase by another 3.6 percent in the next year
- There is a slight difference between listing and selling price – median listing price is around $294,900 while the median selling price is slightly lower, coming down at $227,500
- Almost 20 percent of the home listed experience a price cut
- Average Days on the market is 82
Renters’ Market in Florida
Again, if you plan to rent an apartment, you should read market statistics in Florida first. Then you can compare the same real state trends in Miami as opposed to the entire state.
- Rents have increased in Florida by whooping 30 percent in less than nine years
- Median rent is around $1,714 per month while in comparison U.S. median rent is $1,588
- The homeownership rate has never been so low since 1990 while rental households only keep growing
In addition to these statistics, you should see the price range. It is only logical to expect different prices for a house vs an apartment. For this reason, for a studio bedroom expect to pay up to $1,494 while for a four-bedroom house around $2,135. These prices vary according to the location in the city.
Real estate trends in Miami – predictions for 2020
Now that you saw real estate trends for Florida, you can compare them with real estate trends in Miami. The current median home value is $367,249 in Miami which is higher than the state average. There are more homes for sale than buyers. In addition to this, the median price of the listing is usually around $489,000. However, the selling price is much lower, at around $330,500. This is a good thing for buyers as they will purchase a property at a much lower price. Also, sellers are willing to negotiate on prices since it is difficult to sell homes at their original prices. Apart from this, large apartment complexes are the most popular in Miami. In addition to this, single-family detached homes, duplexes and row houses are very popular among the buyers. If you purchase one of these properties, make sure to find the best moving companies Miami Beach.
Renters’ Market in Miami
Apart from buying a house, you can rent an apartment or a house as well. The median rent price is around $2,400. Again, the price varies according to the location. For this reason, the best places are Downtown, Midtown, and Brickell. On the other hand, if you plan to purchase a property, check out Miami Beach, Coral Gables, and Coconut Grove. If you are on a tight budget, then consider areas such as Kendall, Miami Shores, and Homestead. In addition to this, Miami Beach is the most overrated area and the most expensive one followed by Brickell. The most underrated places include Miami Shore, Homestead, North Miami Beach, Little Havana, and Kendall. However, public transport connections might not be the best in these areas.
Quality of life in Miami and Florida
In order to know for sure that your move is a good choice, you should read facts about life in Florida and Miami.
- There is no income tax in Florida
- Florida ranks as the 13th best state
- Education, economy and financial stability are among the top ten in the entire country
- Warm and pleasant weather in Florida
- Cost of living is below the national average
- Countless beaches, theme parks, sports, outdoor activities, shopping venues, etc.
In addition to these benefits, Florida is a very culturally diverse state. Miami especially has many foreigners living there. For this reason, you will have an opportunity to live in a multicultural city, meet many different people coming from different countries, and enjoy all the benefits of cultural diversity.
Real estate trends in Miami
As you can see, you can expect a higher listing and selling prices. Rents will also increase in the upcoming year. For this reason, save money and prepare your budget on time. Do not forget to add moving costs to your budget planning. Since Florida and Miami are expecting a large number of new residents, make sure to plan your move on time. The best moving companies can be all booked by the time you go to find one.