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By Giulia Carbonaro
Senior Reporter
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A majority of those living in Miami-Dade County have considered leaving because of the burdensome cost of living there, according to a new poll—including one of the highest home insurance premiums in the country.
The poll, conducted by the Bendixen & Amandi International consulting firm between September 30 and October 3, asked 600 registered voters in Miami-Dade what they thought about a number of issues—including affordability in the area. More than half of them (56 percent) said they have “actively considered” relocating out or moving from Miami-Dade County due to “the cost of living and affordability issues.”
Is Miami-Dade Really That Expensive?
In short, yes. Miami-Dade County is one of the most expensive areas in the country for residents, who spend significantly more than the average American on a monthly basis—and the main culprit is housing.
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According to PayScale’s estimates, the cost of living in Miami is 21 percent higher than the national average; the cost of housing is 59 percent than the national average. The average home value in Miami-Dade County, according to Zillow, is currently $520,181—significantly higher than the national average of $363,932.
But while home prices at the national level are still rising despite recent supply and demand headwinds, they are plummeting in Miami-Dade. Zillow reported that prices in the county are now 3.7 percent lower compared to a year earlier, as demand has plunged in the city while inventory has soared. According to Redfin data, only 1,979 homes sold in the county in August—down 11.3 percent from a year earlier—after spending an average of 89 days on the market—23 more than in August 2024.
In the city of Miami, the average home value is $577,205, according to Zillow, down 2.4 percent over the past year.
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Homeowners in Miami-Dade are also facing some of the highest home insurance premiums in the country. Despite a recent stabilization of Florida’s shaky property insurance market, residents are still facing the most expensive coverage in the country at an average of more than $3,800 per year, according to state regulators.
Florida Realty Marketplace puts this sum even higher, calculating that the average annual cost of home insurance in the Sunshine State is $5,376 for a home with $300,000 in dwelling coverage. In Miami-Dade, the annual average exceeds $6,000 annually, the company said.
This is because Miami-Dade is particularly exposed to natural disasters, which are becoming more frequent and more severe due to climate change. From flooding to hurricanes and sinkholes, homeowners in the county face a number of challenges which makes coverage more expensive—especially considering that flood insurance is not part of a standard policy.
There is also another factor to this crisis of affordability for Miami-Dade residents: property taxes. Property taxes have increased all across the country in the past five years, as home values surged during the pandemic homebuying frenzy.
Miami-Dade has seen the second-sharpest increase in property taxes in the state since 2019, according to a recent ranking by CoreLogic, up 49.50 percent. The tax rate in the country is currently 1.90 percent, with the median property taxes last year estimated at $4,396.
Florida lawmakers are currently studying how to ease the property tax burden on state homeowners. Governor Ron DeSantis has said he would back proposals to eliminate property taxes in the state entirely, though a majority of Floridians do not back the move, according to a recent survey.
The move could cost Miami-Dade an estimated $3.27 billion in 2025 revenue, according to the Florida Policy Institute—about 19 percent of all revenues generated to fund public services such as law enforcement, firefighters, schools and public libraries.
What Does This Mean for Residents?
The poll shows that residents are struggling with the cost of living in Miami-Dade—to a point where they are seriously considering leaving the area.
The data shows that those with lower incomes are feeling more pressure to move away from the metro: 61 percent of those earning under $50,000 have considered leaving Miami-Dade, against 59 percent in the $50,000–$100,000 range and 55 percent of those earning $100,000. However, the figures show that everyone is being affected, no matter what they earn.
Miami-Dade has already lost thousands of residents over the past couple of years. According to census data, roughly 67,000 people left the county between 2023 and 2024 to go to live in other areas of Florida or the U.S. If the area remains unaffordable for many residents, thousands more could leave this year.
Are you a Miami-Dade resident? What is your take on the high cost of living—and housing—in the county? Let me know by emailing me at g.carbonaro@newsweek.com.
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