April 11, 2022

Life in Miami has gotten expensive. In fact, we are the most expensive rental market in the country. Prices are high, but the factors affecting our economy (gas prices, food prices, inflation, increased interest rates) should be making everyone take pause and think about our own particular situation.

If you are still working from home, that’s great. Now may be the time to think about moving to a lesser expensive area of Florida or even to another state. And I would advise selling your property and cashing out your equity, before prices begin to flatten. You have the ability to sell the property, hold onto your cash, and then think about buying again when prices are better, either later in 2023 or now in another location. Alternatively, you can keep the property and rent it out, assuming the rental will cover your mortgage, taxes, insurance and association fees.

Yes, Miami is an exciting place to live, but if you can’t afford to eat out at the multitude of restaurants, enjoy the drinks at the bars, or pay the concert ticket fees, what’s the point.  Affordability is suffering because Miami is an international city.  Those that come here on vacation don’t come with a particular budget.  The transfers from California, New York and New England find this area less expensive than their own, so the cost of living doesn’t bother them.  They aren’t the ones suffering.  Luckily, the beaches are still free.

Feel free to reach out to me if you want to discuss a move.  There are still plenty of willing buyers out there that haven’t lived here long enough to know better than to overpay.