The pandemic exacerbated a longstanding housing affordability crisis in Miami-Dade County, leaving newcomers and residents challenged to deal with historically high home prices and rents.
Aspiring homebuyers still face double-digit annual jumps in median sale prices for houses and condos, according to the latest Miami Association of Realtors sales report. Those waiting on the sidelines have found little consolation — prices have increased annually for nearly 11 years.
Many prospective buyers opt to rent, while waiting for the market to cool, or simply can’t afford to buy a home in the county’s overheated real estate market. However, they’ve found no less challenging the expensive rental side of the market since late 2020. Monthly apartment rents jumped by 27% in Miami-Dade, based on the latest Miami Metro Report by Zumper. And that’s after residential rents have offered little to no relief the past two years.
The soaring home prices and rents are primarily due to strong demand from new arrivals from across the country, especially the Northeast, for a dwindling supply of houses, condos and apartments.
So, how have longtime residents managed to find a place to live? Some bite the bullet and pay a higher mortgage or monthly rent payment, while cutting other expenses. Some leave the county, moving elsewhere in the state or exiting Florida altogether.
Business owners are taking notice, too, especially those in the most expensive rental markets like Miami Beach and Edgewater. They’re struggling to hire essential workers and that’s causing stress in managing their companies.
