In Miami, the American Dream is still alive and well, as long as you’re not trying to pull yourself up by your bootstraps. If that’s the case, this city is definitely not for you. Please find an exit that is close by.
Not only are rents sky-high everywhere, but it’s also nearly impossible to get a first home here. Another study from WalletHub, a real estate website, said that Miami and Miami Beach are two of the ten worst places in the US to buy your first house. Out of the 300 towns that were looked at, Miami came in at number 294 and Miami Beach at number 299, with only Newark, New Jersey coming in higher.
WalletHub found that both towns are the most expensive places in the US for first-time home buyers and that’s why. The single most expensive area was found to be Miami Beach. The city of Miami came in second, just one spot behind. The study also found that of the places looked at, Miami Beach had the highest rate of property crime.
WalletHub rated each city based on three factors: how affordable it is, how healthy the housing market is, and how good the life is there. The “quality of life” standard looked at things like “school quality” and “access to public transportation.” It’s not a surprise that both Miami-Dade cities were near the bottom of the list; city buses in Miami seem to show up about as often as that lion-shaped cave in Aladdin. You know what? We have beaches!
To figure out “affordability,” the site also looked at how much homeowners’ insurance costs on average in each city. This hurt Miami because it floods a lot, and it’s also a bad sign for the future because sea levels are rising and could swallow up most of the county in the next hundred years or so.
In terms of quality of life or housing health, though, each city got a number that was just below average. Our results for affordability were so bad that they almost brought us down by themselves. One big caveat should be added to the end of the chart, though no one really gets their first home in Miami Beach. Home prices are going up so fast that people from the city of Miami are being forced to move farther away. It’s scary, but Miami Beach has never really been a place for first-family homes.