A budding technological industry, a nationally renowned art scene, and several recent multibillion-dollar retail ventures have played key roles in turning Miami into one of the world’s most attractive and dynamic global cities.
Miami’s median single-family home prices – which have registered four years of consistent growth and sit at $245,000 according to the latest MIAMI Association of REALTORS® (MIAMI) report – remain affordable compared to other similar international cities.
The region’s long-term housing appreciation helped four Miami communities – Doral, Bal Harbour, Homestead, and Miami Lakes – finish as the top-four places to invest in real estate in the entire state of Florida, according to a new study from consumer finance site NerdWallet. Miami communities comprised seven of NerdWallet’s top-10 places to invest, and 12 Miami-Dade County locations made the top-25. The San Francisco-based NerdWallet analyzed 227 Florida cities using U.S. Census and Florida Department of Revenue data. Municipalities were scored using Census vacancy rates, affordability, and 10-year home value appreciations.
Doral topped the list because of its relative affordability, low unemployment rate (4.4 percent or more than a full percentage point lower than the statewide rate), and strong population growth, NerdWallet said. The Miami-Dade County city has increased its population by 14 percent, or 6,000, from 2010-13.
Bal Harbour in Miami-Dade finished second mostly because of its speedy residential sales, NerdWallet said. According to NerdWallet’s 0-10 scale for speed of sale, Bal Harbour scored 8.66. Bal Harbour’s percentage of housing value has increased 62.06 percent in the past 10 years, according to NerdWallet.
Homestead in Miami-Dade is the third-best place to invest in real estate in Florida, NerdWallet said. About 56 percent of Homestead’s homes have increased in value over the past 10 years. Homestead prices averaged $79.42 per square foot, the most affordable in NerdWallet’s study.
Miami Lakes was named the fourth-best place to invest in Florida because of it price appreciation the past 10 years, NerdWallet said. About 57 percent of the city’s homes have increased in value the last decade while vacancies have dropped by 3.6 percent. Buyers are paying an average of $152 per square foot for a Miami Lakes home.
NerdWallet’s Florida Rankings:
1. Doral, 2. Bal Harbour, 3. Homestead, 4. Miami Lakes, 5. Marianna, 6. Hialeah Gardens, 7. Aventura, 8. Pinecrest, 9. Cape Coral, 10. Winter Garden, 11. Cooper City, 12. Callahan, 13. Miramar, 14. Key Biscayne, 15. Hialeah, 16. Cutler Bay, 17. Lauderdale-by-the-Sea, 18. Surfside, 19. Freeport, 20. Wellington, 21. Weston, 22. Coral Gables, 23. Palm Springs, 24. Parkland, 25. North Miami Beach.
Source: Brickell Community Newspaper