While Miami's after-dark nightclub scene receives a great deal of attention, the median age of all residents is 40 years old, presumably due to the fact that many decide to retire in Southern Florida. Miami is certainly a varied metropolis, so finding a niche in the Magic City no matter your age isn't challenging Miami is well-known for its subtropical climate, sandy beaches, bustling nightlife scene, cosmopolitan vibe and rich cultural diversity. The more well-known neighborhoods like South Beach, admired for Art Deco buildings and trendy eateries, and Coral Gables, home of the University of Miami, tend to make non-natives think Miami is a far-off dream. But, not all home prices in Miami are as expensive as Key Biscayne or Fisher Island, two of the city's priciest neighborhoods.
In fact, although average list price rose 16.85 percent between 2014 and 2015, it's still under $0.5 million. [Miami's average list price is now $464,466]. Keep in mind, in a city like Miami, beachfront condos and multimillion dollar homes throw off the median significantly, as well. In terms of inventory, the number of homes for sale increased year-over-year by 1.77 percent, a positive trend for future house hunters looking to buy a piece of Miami real estate.