At a Glance (max 300 characters) Miami is currently home to some of the most expensive properties in the U.S. However, house prices are rather stagnant at present, with some neighborhoods even seeing a decline in property values last year. If you’re thinking about moving to Miami, we’ve listed the best five neighborhoods to live in.
Meta Description (max 160 characters): Are you thinking about buying a house in Miami, but not sure which neighborhood to live in? Find out the five best Miami neighborhoods to live in.
If you’re looking to buy a house in Miami, you’ll need to start thinking about the specific neighborhood that you want to live in. The city is rather diverse in what it has to offer, meaning that there is likely a neighborhood that suits your individual needs.
In order to help you along the way, we’ve listed the five best neighborhoods in Miami to live in 2019.
Miami Housing Market: The Current State Of Play
Before we delve into our list, let’s take a quick look at the current state of the Miami housing market.
First and foremost, Miami is home to some of the most expensive properties in the U.S. According to data from Zillow, the median home value is $337,200, well about the Florida median of $223,700. When it comes to growth potential, the Miami housing market is currently stagnant. Property prices in Miami grew by just 2.8% last year.
When comparing this against the state and national average of 5.5% and 6.1% respectively, Miami is not an attractive option for real estate investors at present. In terms of the next 12 months, Miami home values are predicted to grow by just 0.4%. Although the U.S. housing market is expected to slow down in its entirety over the course of the next year, national prices are forecasted to grow by 2.8%.
However, it is important to note that housing markets should be assessed on a neighborhood-by-neighborhood basis. For example, there’s a disparity in growth between Downtown Miami and Coral Terrace.
Properties in Downtown Miami went down in value by 3.6% last year, with prices expected to decline a further 2.9% over the next 12 months. Over in Coral Terrace, on the other hand, properties grew by 4.2% last year, and growth is expected to yield another 1.7% over the next 12 months.
Ultimately, an experienced real estate agent that knows the Miami housing market well will be able to discuss local trends in more detail.
If your main priority is to find a cost-effective property, then you might want to look at Brownsville. The neighborhood currently has a median listing price of $196 per square foot, which is considerably cheaper in comparison to the city average of $418.
This translates to a median property price of $232,499, which is over $100,000 lower than the city average. As a result, Brownsville attracts those with low-incomes or who are buying a home for the first time. Brownsville is also notable for its young population; the bulk of its residents are millennials.
If you do decide to move to Brownsville, but your place of employment is situated elsewhere in the city, then you'll be pleased to know that the neighborhood has an average commute time of just 28.44 minutes. This is considerably lower than the city average, which often suffers from traffic congestion.
Much like Brownsville, Gladeview is a suitable option for those with lower incomes or who are first-time buyers. The median listing price is $205,000, or $189 per square foot.
Once again, this is considerably lower than the city average. The neighborhood itself is home to just under 11,000 residents, many of whom are younger; the median age of residents is just 30 years old.
If you’re looking to buy a property in Miami with the intention of making long-term gains, then Coral Terrace may be your best prospect.
Prices grew by 4.2% last year, which in comparison to the Miami average of 2.8%, is a smidgen better. In terms of the next 12 months, properties in Coral Terrace are expected to rise by another 1.7%, more than the projected Miami-wide increase of 0.4%.
On the downside, homes in Coral Terrace average $377,200. This makes it one of the most expensive neighborhoods in Miami.
If you're looking for the most upscale area of Miami, then you'll likely want to consider Miami Shores. With a population of just under 11,000, the neighborhood is well-known for its quirky restaurants and bars, as well its luscious parks. Miami Shores is also home to a number of above-average public schools, which is great if you're looking to move your young family.
Median property values are currently just over $529,000. This makes the area out of reach for many buyers. It is also important to note that growth in Miami Shores is moving in the wrong direction. Properties went down in value by 1.5% last year. Prices are expected to continue to decline over the course of the next 12 months, with a further decrease of 1.4%.
If you're looking to be right in the heart of the action, then you'll probably want to consider Downtown Miami. The area is currently home to a booming job market, with a 4.83% increase in employees over the last 12 months. Median household incomes have followed suit, with a 5.66% increase last year.
With a population of just over 113,000, the median age is relatively low at 38.4 years. When it comes to home prices, expect to pay in the region of $343,500. Unfortunately, growth prospects are rather bleak in Downtown Miami. Last year prices went down by 3.6%. This is expected to continue next year, with prices forecasted to decline by a further 2.9%.
5 Best Neighborhoods in Miami - The Verdict?
In summary, if you’re looking to move to Miami, then you should expect to pay a median home value well above the state and national average. Appreciation growth is also stagnant, with some neighborhoods currently seeing properties decline in value.
However, Miami is still home to some highly affordable neighborhoods, meaning that those on a budget will still be able to find something.
If you’re looking to take the next step, Clever can connect you with a top-notch real estate agent based in the Miami area. Once they’ve assessed your needs, they’ll be able to suggest a suitable neighborhood that meets your individual requirements.