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.
