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Here are three reasons whynearly no one can afford a house there.
Being an island city means space is limited, and land scarcity drives up property prices.
With limited land available for new development, existing properties become highly coveted, pushing prices even higher.
This is why the monthly expenses of someone living there are estimated to be over $2,200.
What So Nice About a Luxury Housing Market?
Miami Beach has evolved into a luxury real estate market over the past few decades.
The city is home to high-end condos, multimillion dollar mansions and boutique residences with world-class amenities.
GOBankingRates found the average home value to be $2.6 million, and theaverage mortgage paymentis about $15,171.
Investors see real estate here as a lucrative opportunity due to itsstrong rental market.
Miami Beach is a great place, but just to visit for anyone on a budget.
The cities were sorted by their total population.
All data was collected on and is up to date as of Jul.
The average mortgage and the average expenditure costs were combined to give the total cost of needs.
All data was collected and is up-to-date as of May 31, 2024.
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