One of the questions we get asked most frequently about Miami life is whether it is affordable. It is a determining factor for everyone who wants to know if the Miami dream is within their grasp. If you're already a local, you witnessed rental rates increase substantially in the past few years - we're talking $1,500 for a 300 sq ft studio - and, still, available rentals disappeared like hot cakes. In fact, according to Zillow, rents in Miami rose nearly 2.8 percent from January 2014 to January 2015.
As your friendly Miami informant, we are in the process of cooking up a Resources page to help locals and visitors alike navigate Miami more easily. In the interim, we want to share with you one of the resources that will be featured on the page: Zillow's Miami Home Prices and Values. Why is this information important? Because the Breakeven Horizon currently shows that renters should consider buying in Miami if they plan to live here for more than 1.7 years. Even if you cannot afford to buy, this information will help you better understand the local market and make more informed decisions about your living situation.
In our opinion, regardless of what the real estate market looks like here, if you want to make the Miami dream happen, you can make it happen. As Sir Nike once said, "Just do it." It just takes a little creativity, patience, and perseverance. For us, it meant living in a dingy studio on Washington Avenue until we found our dream home on Ocean Drive and, from the photo above, you can see that our view was well worth the wait. So, if you ever need advice, shoot us an e-mail at info [at] thankyoumiami [dot] com or send us a tweet @ThankYouMiami!
Do you rent or own? How did you find your rental? Is there a real estate agent you recommend for Miami newcomers? Do you have any advice for someone looking to move to Miami? Leave a comment below or send us a tweet @ThankYouMiami!