{"id":22341,"date":"2021-02-28T17:59:17","date_gmt":"2021-03-01T01:59:17","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=22341"},"modified":"2024-03-19T17:45:35","modified_gmt":"2024-03-20T00:45:35","slug":"buyer-buy-house-in-miami-beach","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/buyer-buy-house-in-miami-beach\/","title":{"rendered":"Find Your Slice of Paradise: How to Buy a House in Miami Beach"},"content":{"rendered":"

Miami Beach is a 15-mile island in southern Florida that lies between bustling Miami to the west, and the vast blue stretch of the Atlantic Ocean to the east. In essence, it\u2019s a friendly, laid-back city with a lively arts scene that welcomes tourists, snowbirds, and year-round residents of all kinds. It\u2019s connected to the mainland by a series of bridges and is a cosmopolitan paradise, with pristine beaches, a year-round warm climate, and the most expansive collection of art deco architecture in the world \u2014\u00a0more than 800 protected buildings<\/a>, to be exact!<\/p>\n

The urban, self-sustained city of 90,000 is a melting pot of transients from\u00a0around the world<\/a>, creating a cultural island that\u2019s home to more than 150 ethnicities \u2014 and a housing market just as diverse. There\u2019s a range of residential offerings at all sizes and price points, from luxurious manors to beachside bungalows. Being the demographically unique place it is, the biggest consideration buyers face when they buy a house in Miami Beach is choosing the right location \u2014 for a few blocks\u2019 difference can determine whether you\u2019re right in the middle of the bustling nightlife or tucked away in a quiet, residential neighborhood.<\/p>\n

To get you the inside scoop on this hot place to be<\/i>, we\u2019ve spoken with local experts, including top agent\u00a0Julie Sidorevskaya,<\/a> who has 20 years of experience in Miami Beach real estate. In this how-to guide, we\u2019re covering all the important details you\u2019ll want to know to ensure you score your perfect dream home when you buy a house in Miami Beach.<\/p>\n

\"Know<\/a>
Source: (Victor Hernandez \/ Unsplash)<\/figcaption><\/figure>\n

Know your budget (and allot for these hidden costs!)<\/h2>\n

PayScale reports that Miami Beach has a 33% higher cost of living than the U.S. average<\/a>, with housing coming in as the biggest expense at 117% higher than the national average (as of 2021.)<\/p>\n

The good news is, you don\u2019t have to be a millionaire to live on this slice of paradise. \u201cYou could be in the $100,000 range and you could be in the $1 million range, and there will be a home for you in Miami Beach,\u201d Sidorevskaya says. Although the lower end of the budget may not land you a high-rise condo with an oceanfront view, it can still get you a decent place that\u2019s within walking distance to the beach. To help narrow in on your ideal budget, first determine how much you can afford<\/a>.<\/p>\n

To give more insight into the cost, around 82% of the homes on the island are apartment complexes and in 62% of those renters pay an average of around $2,000 per month<\/a>, as of January 2021. For those looking to buy a house in Miami Beach, you\u2019ll be competing for a piece of the 9% free-standing residencies available on the island, and can expect to pay a median housing price near $370,000<\/a>, according to a 2020 report from BestPlaces.<\/p>\n

Additional Florida property expenses one should consider include:<\/p>\n