There's been a lot of talk about the incredibly high rents in Miami, but what about people looking to buy a home for their family? Reports suggest it's a whole lot cheaper in the long run to buy rather than rent in Miami, but those homes don't come cheap.
In fact, an analysis from Coldwell Banker out today shows that one Miami suburban city has the highest average price for a good family-size home in the entire state of Florida. Nope, it's not Coral Gables or Miami Beach. It's Doral.
The report calculated the average price in cities across the nation for four-bedroom, two-bathroom homes. That's the ideal size for your picture-perfect, three-kid family, after all. The American dream in building form, really.
In Doral, that American dream will cost you a cool average of $552,390, the highest of any large city in Florida. That's also almost double the average for Florida as a state, which came in at $250,534.
Perhaps unsurprisingly, South Florida dominates the high end of the rankings. Miami-Dade's Palmetto Bay takes the silver medal with an average price of $525,019. Here's the full top ten:
- Doral FL $552,390
- Palmetto Bay FL $525,019
- Parkland FL $504,836
- Fort Lauderdale FL $481,066
- Delray Beach FL $471,470
- Weston FL $459,089
- Boca Raton FL $427,446
- Ponte Vedra/Ponte Vedra Bch FL $422,900
- Cooper City FL $414,930
- Naples FL $394,303
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And here are the average prices for Miami-Dade cities that didn't make the top ten (along with their overall ranking in Florida):
- Miami FL $353,667 (#21)
- Cutler Bay FL $273,607 (#44)
- Homestead FL $189,303 (#100)
Coldwell Banker says it calculated its data by averaging the prices for more than 2,700 real-estate markets across the nation, and apparently not every city is designated as its own market.
By the way, if you're looking for a steal on real estate in Florida, consider moving to the state's cheapest market: Hastings. Never heard of Hastings? It's a small town in St. John County a bit southwest of St. Augustine. Google Maps says local places of interest include Futch's Tractor Depot, Conkey's Hound & Hunting Supply, and a Subway restaurant.