Miami, Florida is your dream city. It is the city full of opportunities, beautiful people, beaches…and sadly, the city with expensive homes. But, fortunately, if your budget is not high, you can also find affordable homes in Miami. You just have to be patient, creative and prepared to make some compromises too. You can start a business in Miami, or get your education. It is also a great city for party lovers.
How to find affordable homes in Miami, Florida
Know your budget
This is the first step and the most important step. If you don’t know to manage with money, you can find a financial adviser (but it will cost you, of course). You have to save every cent, that’s why you have to learn to manage, fast. Take into account all your expenses. Such as food, transportation, student loan payments, utilities. Don’t forget deposits to savings or retirement accounts too. 25 to 27 percent of income spent on housing is the perfect and a reasonable amount. Spending more than 30 percent can be difficult to afford other necessities. But it will be easier and faster if you want to hire a real estate agent. Choose a home closer to your work, and you might be able to afford to pay more in housing costs because you will not have to pay for transportation. Also, maybe you can apply for section 8.
Location, location, location
Do not look for the homes in the city center and near water. Also, decide do you want to buy or to rent a home in Miami? The most affordable neighborhoods in Miami are:
- Brownsville – If you are looking for affordable homes in Miami, this is the great neighborhood for that. The area also has a good traffic. You can find one-bedroom rent for just 630 U.S. dollars. The median home value is $98,850, which is very cheap.
- Liberty City – The median home value is a little bit higher than in Brownsville. It is $118,000, but if you want to rent an apartment, it is about $820. Liberty City hosts an annual Martin Luther King Jr. Day parade. The 90% of the population of Liberty City are African Americans.
- Gladeview – The median home value is $86,300, and the one-bedroom average rental will cost you $900. It is CDP in Miami-Dade County.
- Pinewood Park – The average one-bedroom rental price being just $780 and the median home value is $153,000. The population in 2010 was 16,500. Pinewood Park is the great place.
- West Little River – West Little River has the 10% lower costs of living than the U.S. average, and it has lots of local amenities. Estimated median house or condo value is about $133,000. The average rental price in West Little River is $1,000. West Little River real estate is primarily made up of small to medium-sized homes and apartment buildings.
- El Portal – This is a great Miami neighborhood for retirees. It has the low population and about half of the population are the married couple. A one-bedroom unit in the neighborhood can be rented for a mere $970, the median home value is a little bit higher. It is about $268,000.
Make a wish list
Make a list but, be realistic and prepared to compromise. What do you want in your new home? How many bedrooms and bathrooms do you really need? Maybe, you don’t have to have a guest room or 2 bathrooms. If you don’t want to cook, then you do not need a big kitchen with all the kitchen appliances. A space in a small home can be enough if you are a creative person. If you cannot afford a broker, search by yourself. A real estate broker will cost you about 10-15% of the annual rental fee. A wish list should look like this, for example:
- 2 bedrooms
- 1 bathroom
- open concept living room, dining room
- furnished (or not)
- and the budget is…
Find a roommate
If you are not moving with your family, then try to find a roommate. On the other hand, you will not be alone in this big city. It will give you some security too. Post on your facebook profile or twitter that you are looking for a roommate in Miami and what do you expect. Tell everybody that you are looking for a new place. It could be that your neighbor knows someone who is looking for a roommate. There are also a lot of roommate sites. The costs will be halved and you will have a new friend too. It is hard to be alone in the unknown city. Finding affordable homes in Miami can be fun. It is a great new experience. If you are considering moving into a room in someone else’s apartment or house first, make sure to meet the person you’d be living with.
Don’t make quick and impulse decisions
We know how finding an affordable and cheap home can be so stressful job. Of course, it will take a time. After you see your potential new home, walk around the neighborhood. Imagine the future you. Can you see yourself living in that neighborhood? Can you find something cheaper maybe? If you’re sure that’s it, follow up as soon as you can. If the answer is “Maybe”, and you have any doubts, think about it more. Probably it is not a home for you.
We hope that this article helped you, and gave you several tips for finding affordable homes in Miami, FL. Remember, do not hurry and be creative. Good luck!