Like many people, you’ve probably scrolled through luxury housing offers on Zillow or Realtor.com and found the aspirational, over-the-top real estate to be more than slightly out of reach. For places like Miami Beach, Florida –which is synonymous with luxury living, world-class beaches and a place retirement dreams are made of — unless you’re a multimillionaire, you may have to rule out a move there.
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In a recent study, GOBankingrates found Miami Beach to be one of the most exorbitantly priced cities, not only in Florida but also in the entire United States. Here are some key takeaways:
- Average monthly expenditures: $2,232
- Average home value: $2,590,906
- Average mortgage payment: $15,171
- Salary needed: $377,073
As beautiful as the South Florida spot is, the real estate and housing costs alone would make any potential buyer balk. Whether you’re eyeing a beachfront condo or a historic Art Deco home, the cost of property in Miami Beach is in large part astronomical.