Miami’s unofficial motto? “We live where you vacation.”
And the numbers reflect the allure of living in a tropical getaway. In 2018, more Americans moved to Florida than any other state in the U.S. In Miami alone, that translated to 5,400 new residents a month, pushing the total population beyond 460,000.
But don’t let Miami’s palm trees, ocean views, white-hot food scene and glitzy nightlife fool you — living in paradise comes at a price. And it’s a hefty one.
While the median home value in Miami is $224,600, that number doesn’t tell the full story. With a median household income of $31,051, those prices are out of reach for many. Especially when you factor in the astronomical cost of homeowners insurance — the most expensive in all of the country — and sky-high property taxes.