3 ms·
Local Miamian chiming in. I can tell you the natives are absolutely panicking. Family and social groups are being disrupted because property and rental prices
by yardie 4y ago
Local Miamian chiming in.
I can tell you the natives are absolutely panicking. Family and social groups are being disrupted because property and rental prices have outpaced income by large margins. There wasn't much in Miami prior to COVID except tourism and service industry jobs. These are some of the lowest paying vocations in this country. The city and county are facing an affordability crisis.
And contrary to popular belief Miami is losing population because of the affordability crisis. For every cryptobro that moves here, a family of 4 migrates to Orlando or further north.
It's not all bad, though. New faces are highly receptive to making new friends and follow through. Traditional LatAm families are very insular and skeptical to newcomers. Local politicians are dynastic and blatantly corrupt. They don't have the same name recognition with new, younger voters so some are finding it harder to skate on winning by a few dozen votes. The Downtown/Brickell area is opening more new schools. Ironic the schoolboard is downtown but there were no neighborhood schools except a few highly selective magnet schools. All these new condos and apartments downtown have families scrambling to enroll nearby and finding out none were planned. So glad that is being fixed.
- miamibre 4y agoSame, I moved to Miami in 2019 from Puerto Rico because I wanted to keep speaking Spanish and I had a circle of friends to help me out. Since then housing prices have been absolutely bananas, I was fortunate to buy a house relatively cheap in Oct 2021 but now the same houses are going for $100k+ more what I paid. If you want to buy anything that is 2 bedroom you better be prepared to pay +300k starting price and probably 20% down + HOA fee and increasing interest rates are going for %5+. Yet houses are flying off the market, mostly due to institutional investors putting 100% down in cash so you can't compete or have a total of one weekend to make an offer. So far this year alone 3 people I know have moved out of Miami all due to housing affordibility. One moved to Tampa (which used to be pricier than Miami), another to South Carolina, and another to Ft Lauderdale. My wife wants us to stay here to raise kids but whenever she talks about buying a new house I get queesy thinking how expensive it's going to be to get a large enough place. I love the Hollywood / Ft Luaderdale area but it's only a matter of time that prices catch up.
- shaburn 4y agoWhy should they panic? Economic opportunity is being brought in and it is a pro-building area so truly getting priced out as one would in San Francisco or Hong Kong is highly improbable. Also, migration seems so popular in the tech community until it is into one's own.
- poidos 4y agoNot OP but also a lifelong Miami resident: building takes time and rents/food prices/restaurant prices are going up extremely fast. A place I used to rent at 1400/month in 2021 is now renting for 2000.
- yardie 4y agoRents have risen over 30%, salaries have gone up 3-7%. Do you see how that large gap can be problematic? > Economic opportunity is being brought in and it is a pro-building area Money, jobs, and workers are being imported. This does very little for the local employment market because companies that move here also want to move their workforce as well. A lot of new construction is luxury apartments. Not something that a waitress or tour operator will be able to afford.