Few cities in the United States can rival Miami’s beautiful beaches, rich culture, and year-round pleasant weather.
Due to these exceptional attractions, millions of people visit the city to experience its delights firsthand, and many choose to make it their permanent home, whether for a year or two or for the rest of their lives. This article is tailored for those planning to settle in Miami and call it their permanent home.
The affordability of a neighborhood is determined by various factors, including housing prices, price appreciation, and median rentals. This article assesses the affordability of neighborhoods using median home prices and rents.
For those considering relocation to this beautiful Floridian city, the median property valuation is $460,000. If you’re in search of apartments for rent in Miami, the average rent for a one-bedroom apartment is $3,214, while a two-bedroom apartment averages $3,990.
Hallandale Beach
Hallandale Beach, located in Broward County, Florida, is named after Luther Halland, a worker for Henry Flagler’s Florida East Coast Railroad. As of the 2021 census, the city’s population stands at 41,005 residents. It has become a tourist and retirement destination, featuring an urban vibe where the majority of homeowners own their houses. Hallandale Beach offers various amenities, including restaurants, coffee shops, and parks.
Affectionately known as the “southernmost Canadian city,” Hallandale Beach has been a popular holiday destination, attracting visitors from Quebec and the Northeastern United States. A significant percentage of these tourists eventually retire to the region. The median house sale price in Hallandale Beach is approximately $200,000 less than that of Miami, and it’s just about a 30-minute drive from downtown.
Hallandale Beach stands out as the most affordable suburb in Miami, with a median sale price of $275,000, making it one of the least expensive neighborhoods. The median rent in the neighborhood is $1,289 per month.
West Park
West Park, a city in Broward County, Florida, earned its status as Broward County’s newest municipality on March 1, 2005. Situated in the southeastern section of the county, it encompasses communities such as Miami Gardens, Carver Ranches, Lake Forest, and Utopia. As a considerable portion of the city lies west of Pembroke Park, it was aptly named “West Park.”
This multicultural municipality offers residents access to three local County parks, including Mary Saunders Park, located within municipal limits, McTyre Park, in Pembroke Park, and Lake Forest Community Center, also in Pembroke Park. In addition to residential districts, West Park boasts various business, commercial, and industrial sites.
With a population of 14,939 residents as per the 2021 Census, West Park stands as Miami’s second most affordable neighborhood, featuring a median property price of $345,000 and a rent of $1,434 per month.
Hialeah
Hialeah, located in Miami-Dade County, Florida, sits directly northwest of Miami on the Miami Canal. Primarily a residential suburb of Miami, Hialeah has a predominantly Hispanic population, providing an urban suburban mix vibe. According to the most recent US Census estimates, Hialeah’s current population is 220,490, making it one of the least diverse places in America. It has the highest percentage of Cuban and Cuban-American citizens of any city in the United States, accounting for 73.37 percent of the population.
With a population of 220,490 residents, Hialeah is the third most affordable neighborhood in Miami, featuring a median property price of $347,000 and a rent of $1,210 per month.
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