Miami’s population reached 450,000 last year. That is up from 334,859 fifty years ago. This is even though it has been in the path of violent hurricanes. There is also research that shows that two-thirds of the city will be underwater in 2060.
*Miami Weather
* Home Price Drop In Miami And Tampa
* What About Normal Temperatures?
Most of the migration to the city is based on two factors. One is Florida’s income tax. The other is the weather.
For decades, Miami was one of America’s hottest real estate markets. That has changed suddenly in the last year. Home prices dropped 12.4% year over year in September. That was the largest drop among America’s 50 largest cities.
Home insurance has jumped because of weather risk. According to Governing, “As a result, Florida has experienced billion-dollar disasters an average of four times annually over the past five years — up from about one each year in the 1980s.”
Home Insurance Rates
Some residents have been priced out of owning homes. Insurance rates have become too high. And, in many cases, homes are uninsurable. Almost every mortgage requires home insurance, a problem that has pushed housing prices down.