For prospective homebuyers seeking budget-friendly options, exploring Miami’s most economical neighborhoods can provide valuable insights.
With the city’s average home price standing at $646,932, identifying areas with lower housing costs, minimal price appreciation, and reasonable rents becomes crucial.
In compiling this list, we’ve assessed the median price per square foot and median home prices to spotlight the most cost-effective neighborhoods in Miami.
Explore the Top 10 Affordable Neighborhoods in Miami
1. Edison
Topping our list is Edison, boasting a median home price of $395,143 and a median rent of $1,074. Despite being the most economical choice, Edison ranks 43rd in terms of home price growth over the last three years.
Photo, Source, and Credits: Wikipedia
2. Parkdale North
Following closely is Parkdale North, with a median home price of $474,969 and a median rent of $1,293.
Photo, Source, and Credits: homes.com
3. Little River
Little River emerges as another affordable option with a median home price of $429,769 and a median rent of $1,130.
Photo, Source, and Credits: homes.com
4. Overtown
With a median home price of $340,103 and a median rent of $1,078, Overtown secures the fourth spot on our list.
Photo, Source, and Credits: AP News
5. Grapeland Heights
Grapeland Heights offers a median home price of $650,180 and a median rent of $1,175.
Photo, Source, and Credits: Homes.com
6. Haynsworth
Haynsworth follows suit with a median home price of $207,110 and a median rent of $1,243.
Photo, Source, and Credits: realtor.com
7. Le Jeune Gardens
Le Jeune Gardens presents a median home price of $275,131 and a median rent of $1,428.
Photo, Source, and Credits: realtor.com
8. Allapattah
Allapattah features a median home price of $450,000 and a median rent of $1,093.
Photo, Source, and Credits: CoStar
9. Bayside
Bayside showcases a median home price of $450,000 and a median rent of $1,243.
Photo, Source, and Credits: Compass Real Estate
10. Little Havana
Lastly, Little Havana concludes our list with a median home price of $659,346 and a median rent of $1,018.
Photo, Source, and Credits: viaggi-usa.it
These neighborhoods offer prospective buyers the opportunity to find affordable housing options tailored to their budgets and preferences, even in Miami, one of the most desired places in the world.
