Many Miami residents are looking at other cities to buy a home: report

Miami /
Sep.September 12, 2016 10:40 AM

There’s no question that Miami has seen a serious slowdown in home sales during recent months. But a new factor could have an impact on that issue: according to a new report from Zillow, nearly half of Miami’s home shoppers are looking outside the city for a new pad.

Using search data from its own website, the listing service found 49 percent of Miamians looking for a home were checking out other cities in June.

The report said affordability concerns were a big factor in driving homebuyers away from Miami toward more accessible cities. Recent studies show a growing divide between stagnant salaries and ever-rising home prices in Miami, and South Florida in general.

However, Zillow cautioned that its analysis doesn’t mean Miami is on the eve of seeing a large exodus: people often use listing websites like Zillow to check out their dream properties or even celebrity homes. The trend also isn’t unique to Miami, as about 41 percent of Zillow’s users tend to look at homes outside their metropolitan area.

Even so, Miami ranked 10th in the nation for cities whose residents would rather look at homes outside, rather than inside, their borders. At the top was San Antonio, Texas, where 54 percent of Zillow users preferred homes outside the city. — Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Ben Schachter, Sean Black and Mike Pappas (Signature, Getty, Keyes)

Knock expands home lending program into South Florida 

Knock expands home lending program into South Florida 
Rendering of Belmont Village Coral Gables and Baptist Health South Florida CEO Brian L. Keeley

Baptist, Belmont gain approval for luxury senior living in Coral Gables

Baptist, Belmont gain approval for luxury senior living in Coral Gables
9885 Palomino Drive (Credit: Google Maps)

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
5010 Nob Hill Road (Credit: Google Maps)

Sunrise affordable senior housing facility sells for $30M

Sunrise affordable senior housing facility sells for $30M
Mark Zilbert

Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices

Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices
(Credit: iStock)

Home sales dropped big time in South Florida in April

Home sales dropped big time in South Florida in April
 Rendering of Father Marquess-Barry Apartments with Matt Rieger

HTG scores financing for senior affordable housing in Overtown

HTG scores financing for senior affordable housing in Overtown
Renderings of different versions of the project with Matt Rieger

HTG plans 1,000-unit affordable housing complex in Miami’s Overtown

HTG plans 1,000-unit affordable housing complex in Miami’s Overtown
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...