Apartment prices in Miami vary depending on the lifestyle you want to lead within the different neighborhoods of Miami. Living in this city can be a very rewarding experience for you and your family, the good weather and the proximity of the sea make it one of the favorite destinations of many American families.
This is a large, thriving city with a strong real estate market. But how much does it cost to live in one of the apartments for sale in Miami?
What is the average price of Miami apartments?
The average price of an apartment in Miami will depend on many factors, including how much of the city you want to live in, how many people you’ll be living with, and what kind of lifestyle you want to maintain. While the average costs of rent, food, transportation, etc., can provide a broad picture of what it costs to live in Miami, there are other variables to consider.
At the beginning of 2020, apartment prices in Miami were rented for $1,702 per month. This may sound scary to a new resident, but remember, averages include the exorbitant rents found in the wealthiest and most exclusive homes in town.
Premium condos are more in demand in Miami, but their price is for a privileged pocket. Luxury properties in Miami are defined by units that start at around $1.5 million and are for buyers who invest primarily for their private use. While, in the cheapest, the range goes from 400 thousand dollars to 900 thousand dollars. In these cases people think more about buying to get an income.
It is difficult to find an apartment for less than 250 thousand dollars in the urban center of Miami and there is a wide offer in the highest price range. The rent also varies greatly according to the location, the level of finishes and the amenities that the building can offer.
Monthly maintenance costs can be estimated at around $8.25 per square meter at the Center, but can range from $6.6 to $11. In addition, it should be considered that there are taxes on real estate that depend on the area, but vary between 1.6% and 2.5% of the purchase price per year.
