Millionaires Influx Pushes Miami Housing Market Toward Luxury Only

From 2014 to 2024, Miami’s millionaire population grew by 94%, reaching nearly 39,000 residents, according to Henley & Partners and New World Wealth. Attracted by low taxes, warm weather, and luxury amenities, wealthy newcomers have reshaped the city’s real estate market.

As demand for upscale homes rises, prices have surged. The median cost of a single-family home in Miami-Dade County is now $670,000, a 167% increase since 2015. In many neighborhoods, starter homes exceed $1 million, making it nearly impossible for average residents to afford a home.

This rapid growth has worsened an already severe shortage of affordable housing. The county lacks more than 90,000 affordable units, pushing out many long-time residents. Cuban-American communities and others are being displaced, with many relocating to areas like Homestead and Hialeah Gardens, or even leaving the state.

The city’s cultural identity is changing as historic neighborhoods face gentrification. To address the crisis, measures like the Live Local Act offer developers incentives to include affordable housing in new projects. But these efforts haven’t kept up with demand, and local leaders are now considering new funding solutions to support affordable housing development.

Miami’s transformation into a wealthy enclave brings economic growth and deepens inequality. Without more decisive action, the city risks losing the diversity and communities that have long defined it.