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These days, finding an affordable place to live in the Downtown Miami area can be challenging. Home prices in Downtown Miami are now at a median cost of $583,979, higher than the Miami average of $345,832.
The average cost of rent is $2,278/mo in Downtown Miami, primarily driven by the current value of real estate in the Downtown Miami area. While nearly 45.71% of residents own their homes outright in Downtown Miami, 65.73% rent.
Housing affordability isn’t just about home prices, though. The average household income in Downtown Miami is $9,244 per month. Households that rent pay about 24.65% of their income on rent here. Downtown Miami's most expensive areas are in the southeastern regions, while the cheapest areas are in the western parts of the neighborhood.
Nearby Neighborhoods
- Overtown, Miami, FL: less expensive homes
- Wynwood, Miami, FL: less expensive homes
- Little Havana, Miami, FL: less expensive homes
- West Avenue, Miami Beach, FL: less expensive homes
- Allapattah, Miami, FL: less expensive homes
- Flamingo-Lummus, Miami Beach, FL: less expensive homes
- South of Fifth, Miami Beach, FL: higher priced homes
- City Center, Miami Beach, FL: less expensive homes
- Bayshore, Miami Beach, FL: higher priced homes
- South Beach Miami Beach, Miami Beach, FL: higher priced homes
Neighborhoods with Similar Populations
- Boyle Heights, Los Angeles, CA: less expensive homes
- Central Phoenix, Phoenix, AZ: less expensive homes
- West Central, Mesa, AZ: less expensive homes
- Galleria-Uptown, Houston, TX: less expensive homes
- West Torrance, Torrance, CA: higher priced homes
- Greater Hilltop, Columbus, OH: less expensive homes
- Hamilton Heights, Manhattan, NY: higher priced homes
- West Ridge, Chicago, IL: less expensive homes
- West, Fresno, CA: less expensive homes
- Ahwatukee, Phoenix, AZ: less expensive homes
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