Miami Is Now More Expensive Than New York City

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Miami Is Now More Expensive Than New York City

The long-held narrative of South Florida offering a budget-friendly alternative to New York has officially shifted. According to recent data from the U.S. Bureau of Economic Analysis, the Miami-Fort Lauderdale-Palm Beach metropolitan area has officially surpassed greater New York City in overall cost of living. Fueled by a staggering 36% jump in the regional Consumer Price Index since 2019, a rate of inflation outpaced nationally only by Tampa, South Florida now ranks as the second most expensive metro area in the United States, ...

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Foreign Real Estate Investment Dips to $5.1 Billion in 2023, Yet Market Share Remains Resilient

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Foreign Real Estate Investment Dips to $5.1 Billion in 2023, Yet Market Share Remains Resilient

Foreign buyers injected $5.1 billion into South Florida residential real estate this year, experiencing a $1.7 billion decrease from the 2022 total of $6.8 billion, as the Miami Association of Realtors reported. This dip reflects the overall cooling of markets after the pandemic-induced frenzy.

While both domestic and foreign purchases declined, international buyers maintained their South Florida market share at 18%, engaging in 6,200 home transactions. Miami-Dade accounted for 72% of the foreign buyer sales volume, totaling $3.7 billion, followed by Broward at $1.1 billion ...

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