Are there affordable homes near Miami? Report looks at prices in suburbs
The most affordable suburb of Miami to buy a home is this town, report from @point2news says.
A recent report by a national listing website said that Medley, in western Miami-Dade County, is the most affordable suburban area to buy a house outside of Miami.
Point2homes.com reported that the average size of a house in Medley is 65% smaller than the average of Miami. Miami's median home price is $565,000 - the 14th most costly of all major U.S. Cities. This equates to $445 per sq. foot. Medley homes are priced at just $154 per sq. ft., or $291 lower than Miami. The report didn't list the median home prices in Medley.
Data for the report was gathered from Redfin.com and Realtor.com as well as "local MLS residential price data." The report also examined the average price per square feet of homes in smaller U.S. cities that are within 30 miles.
Medley is not a typical suburban area. The 6-square-mile town, founded in 1949 and dominated by industrial warehouses, is home to about 1,000 residents. Medley, according to its website, is home to U.S. Foundry. This company is one of the largest manufacturers of municipal castings such as manhole covers and steel gratings. SuperMix Concrete and building material supplier Superblock are also located in Medley, as well as Urbieta Oil Company. Aljoma Lumber Company is another company.
Miami, on the other hand, has a population around 450,000.
Naranja is another suburb with affordable housing than Miami. It's a Census Designated Place (CDP) in South Miami-Dade, near Homestead. The median home price is $234 per square foot, or 47% lower than Miami.
Princeton is a CDP with about 39,000 residents, located adjacent to Naranja. The median price of a home in Princeton is $248 per square foot. This is 44% less than Miami.
Fontainebleau is a CDP located in western Miami-Dade, with a population of almost 60,000. The median price per square foot for a house there is $269, which is 40% less than the rate in Miami.
Key Biscayne, where the median home price was $969 or 118% higher than Miami's, was the most expensive. Sabina Bouboc, communication strategist at Point2Homes, confirmed this.
Point2Homes allows real estate agents to advertise their listings. Yardi is a proptech firm based in Santa Barbara.