5 Most Affordable Miami Neighborhoods

Miami — a bustling metropolis along Florida’s Southern coast. Known for its rich culture, trendy food and high-energy nightlife, it is no secret that Miami is an expensive place to live.

Check Out: 5 Places in Florida Where Home Prices Are Still Cheap
Read Next: 6 Genius Things All Wealthy People Do With Their Money

“Home prices in Miami-Dade soared to 53% as of June 2020, that was the first-year people started leaving,” said CBS News.

Since the coronavirus pandemic, people have been leaving Miami and moving to others places throughout Florida and the South. These days, it seems to be that Miami is only accessible to the top 1%.

“Between housing and transportation costs, Miami is the single toughest place in all the nation to be a middle-class resident,” said the Miami New Times.

But for those who may be looking to relocate, where are the cheapest neigborhoods located in Miami?

1. Bay Harbor Islands

  • Home Price: $312,800 median purchase price
  • Monthly Rent: $1,429 median monthly rent

Bay Harbor Islands, located on islands in Biscayne Bay, is one of the safest suburbs in Miami. It is known for its close proximity to Miami Beach and Aventura. 

The Bay Harbor Islands community is family-friendly and provides a unique change of pace while still allowing residents the luxury of living near the heart of Miami. 

2. Coconut Grove

  • Home Price: $592,500 median purchase price
  • Monthly Rent: $1,401 median monthly rent

Known as one of Miami’s oldest and most historic neigborhoods, Coconut Grove, though still pricey, is known to be more affordable than other neighborhoods in the Downtown Miami area. 

Coconut Grove is lauded for its lush greenery, an enclave filled with nature in a bustling city. 

This neighborhood is also well-loved for its Spanish and Mediterranean style houses. Coconut Grove is an ideal community for young families and retirees who want the fast pace of city life.

3. Coral Way

  • Home Price: $311,115 median purchase price
  • Monthly Rent: $1,310 median monthly rent

Named for the street, Coral Way is a community nestled between the banyan trees. With a strong Cuban influence, this neighorhood boasts street art and local flair. Here, residents have the option to live in historic, Art-Deco Style homes, or luxurious modern high-rise apartments.

Coral Way is a safe neighborhood within Miami and brings in couples without children and young professionals. Coral Way is also conveniently located near the Miami International Airport, making vacation planning easier.

4. Flagami

  • Home Price: $151,929 median purchase price
  • Monthly Rent: $939 median monthly rent

Located just south of the Miami International Airport, Flagami is a charming neighborhood with affordable housing away from the hustle and bustle of Downtown Miami. City workers can expect a 30 minute commute to Downtown Miami.

This affordable neighborhood — with one of the cheapest housing prices on this list, is home to smaller bungalows and single-family townhomes. Located near Flagami is the Blue Lagoon of Miami, perfect for outdoor recreation such as jet-skis or kayaking.

5. Little Havana

  • Home Price: $116,936 median purchase price
  • Monthly Rent: $932 median monthly rent

Little Havana, a Cuban enclave in a community known for its rich Cuban culture, is the home of small, colorful bungalows and known for its affordability.

Enjoy a Cubano, visit a historic cigar-rolling locale, and visit local restaurants and shops to enjoy and appreciate Cuban culture within the community.

Learn More: 7 Safest and Cheapest Cities To Live in Florida

Little Havana is certainly one of the more vibrant communities within the city of Miami.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: 5 Most Affordable Miami Neighborhoods

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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