Nobu Hospitality and Foster + Partners Reveal 619 Brickell — Luxury Tower Rising Just South of Icon Brickell
Nobu Hospitality and world-renowned architecture firm Foster + Partners have officially announced 619 Brickell, a 74-story luxury residential tower set to rise in the heart of Miami’s Brickell district. The project marks Nobu’s first branded residence in Miami and a major milestone for the city’s ever-evolving skyline. Designed by Foster + Partners in collaboration with Sieger Suarez Architects, 619 Brickell will bring together the artistry of Japanese minimalism with the contemporary sophistication that defines Miami’s urban core. The development will be located immediately south of Icon Brickell, placing it along one of Brickell’s most desirable waterfront stretches with sweeping views of Biscayne Bay.
According to the official announcement, 619 Brickell will include approximately 300 luxury residences paired with 90,000 square feet of private amenities. The amenity offerings are expected to rival the city’s top luxury developments, featuring a full-service spa and wellness retreat, a state-of-the-art fitness center, a poolside café, and dedicated residents’ lounges. In true Nobu fashion, the building will also introduce Miami’s second Nobu restaurant, which will occupy the ground level and feature a distinctive circular design overlooking Biscayne Bay. The integration of the restaurant directly into the tower’s design underscores the development’s focus on merging hospitality and home living—offering residents the seamless Nobu lifestyle experience that has made the brand a global symbol of luxury.
Foster + Partners’ vision for 619 Brickell embraces a blend of natural materials, open spaces, and organic textures to reflect Nobu’s timeless design ethos. The architecture is expected to complement Miami’s skyline while introducing a refined new silhouette to a stretch of Brickell defined by commercial and residential towers. Developers 13th Floor Investments and Key International described the project as “the perfect convergence of design, service, and lifestyle,” emphasizing their goal of elevating Miami’s standard for branded residential living.
For the Miami real estate market, 619 Brickell represents a major moment in the ongoing evolution of branded residences. Nobu’s expansion into Miami reflects a growing global trend of hospitality brands entering the luxury condominium sector, offering not just architectural prestige but also curated service and lifestyle experiences. The collaboration with Foster + Partners adds architectural weight to the project, ensuring 619 Brickell will stand out in both design and stature.
Beyond the brand name, 619 Brickell’s location immediately south of Icon Brickell positions it among Miami’s most valuable parcels of waterfront land. Its proximity to Brickell Key, Brickell City Centre, and the city’s financial center gives it unparalleled access to both business and leisure. With 90,000 square feet of amenities and a waterfront Nobu restaurant, the development is poised to redefine luxury living in Brickell, fusing culinary excellence with world-class residential design.
As details surrounding unit mix, pricing, and delivery timelines begin to surface, 619 Brickell is expected to draw strong interest from investors, brokers, and buyers seeking a new level of branded sophistication in Miami. For those tracking Miami’s luxury condo landscape, the announcement further underscores the city’s continued rise as one of the world’s premier destinations for design-driven, lifestyle-oriented real estate.
Ytech Secures $565M Construction Loan for The Residences at 1428 Brickell
On November 3, 2025, JLL’s Capital Markets team announced the arrangement of approximately $565.35 million in construction financing for The Residences at 1428 Brickell, a 70-story ultra-luxury condominium tower being developed by Ytech in Miami’s Brickell Financial District. The floating-rate loan has a term of approximately 4.25 years and is provided by senior lender JPMorgan Chase and junior lender Sculptor Real Estate. This financing marks one of the largest construction loans closed for a condo development in South Florida in 2025, signaling strong institutional confidence in Ytech’s project and the Brickell luxury condo market more broadly.
Project Overview and Unique Features
The Residences at 1428 Brickell will comprise 195 luxury homes spanning two- to four-bedroom plus den configurations, with unit sizes ranging from approximately 1,800 to 8,900 square feet. Designed by renowned architecture firms ACPV Architects (led by Antonio Citterio) and Arquitectonica, the tower will feature an innovative “solar backbone” on its west façade that incorporates more than 500 photovoltaic-integrated glass panels (nearly 20,000 square feet) to partially power the building. Additionally, the development will offer roughly 80,000 square feet of resident-only amenities—such as resort-level pools, a two-story Owners Club, wellness facilities and a rooftop observatory—reinforcing the ultra-luxury positioning of the building. Groundbreaking took place in November 2024 and the largest mat foundation pour ever executed in Brickell was completed in September 2025. 1428 Brickell is slated for delivery in Q4 2028.
Sales Momentum and Market Implications
As of October 2025, the project had achieved approximately 57% presold status, demonstrating meaningful early demand despite a broader macro environment of rising costs and shifting condo market dynamics in South Florida. International buyers, particularly from Latin America and Europe, as well as domestic buyers from cities like New York, Chicago and San Francisco, are reportedly participating in the sales.
The successful financing underscores the market’s confidence in high-end condo developments in Brickell—especially those that offer differentiated features like sustainability integration, large-format units, and full-service amenities. The scale of the loan also suggests that lenders continue to deploy significant capital into luxury residential product even as some sectors of real estate face headwinds.
Why This Deal Matters for Miami Real Estate
Capital markets validation: A $565 million loan demonstrates that financial institutions are willing to back large-scale luxury condo projects in Miami, even amid rising interest rates and construction cost pressures.
Sustainability and innovation: The solar-integrated façade sets a new benchmark for ultra-luxury residential product by combining high-design with energy-producing glass—an attribute that may help differentiate in a competitive market.
Luxury product demand: The presale performance (57%+ sold) highlights strong buyer demand for larger, premium residences—averaging over 1,800 square feet—in Brickell, a neighborhood traditionally known for smaller, investor-oriented units.
Construction momentum: With the mat pour already completed and delivery scheduled for 2028, the project is now entering a phase of execution with secured financing, which often de-risks the proposition for buyers and lenders.
In summary, by securing a landmark financing package and progressing into construction, The Residences at 1428 Brickell is poised to become a standout entry in Miami’s ultra-luxury condo segment. For developers, lenders, buyers and market watchers alike, this deal reflects both the elevated expectations of luxury real estate today and the evolving standards for design, sustainability and amenities.
Ritz-Carlton Residences Planned for North Bay Village by Related Group and Macklowe Properties
The North Bay Village skyline is set to welcome a new luxury landmark. According to The Real Deal, Related Group and Macklowe Properties are partnering to develop a two-tower waterfront condominium project on Harbor Island that will carry the prestigious Ritz-Carlton brand. The development marks a significant step in the transformation of North Bay Village and represents Macklowe’s first major project in South Florida.
A Landmark Development on Harbor Island
Located at 8000 and 7946 East Drive, the site has been approved for two 43-story towers rising 500 feet, with plans calling for a total of 364 luxury residences. Designed by renowned Miami-based architecture firm Arquitectonica, the twin-tower project will combine elegant design, top-tier amenities, and Ritz-Carlton’s globally recognized standard of hospitality and service. The development will also feature approximately 800 parking spaces—nearly two per unit—providing an unusually high ratio for a luxury waterfront property.
Lifestyle Amenities and Waterfront Appeal
Beyond its impressive scale, the Ritz-Carlton Residences in North Bay Village will offer a lifestyle tailored to the city’s growing base of high-end buyers. Plans include a 42-slip private marina, allowing residents direct access to Biscayne Bay, as well as a 9,000-square-foot public park designed to enhance the pedestrian experience along the waterfront. Together, these features underscore the developers’ commitment to blending exclusivity with community access—an increasingly important factor in today’s urban luxury developments.
The Power of the Ritz-Carlton Brand
The Ritz-Carlton name continues to be one of the most powerful in luxury real estate, often commanding a premium in markets around the world. Miami is no exception, with existing Ritz-Carlton branded residences in Miami Beach and Coconut Grove setting a high bar for service, architecture, and resale value. The North Bay Village project builds on that legacy while introducing the brand to an emerging waterfront neighborhood positioned between Miami and Miami Beach. For both domestic and international buyers, the combination of the Ritz-Carlton name, waterfront location, and Related’s development pedigree makes this one of the most anticipated launches in Miami’s preconstruction pipeline.
Confidence in North Bay Village’s Transformation
Once a quiet island community, North Bay Village has been undergoing a gradual renaissance, attracting major developers eager to capitalize on its waterfront potential and proximity to key business and entertainment districts. The arrival of a Ritz-Carlton-branded project signals a new chapter for the area—one that aligns it with Miami’s most desirable neighborhoods. For Related Group, the project continues its expansion of branded luxury residences, while for Macklowe Properties, it represents a major entry point into the South Florida market.
What Comes Next
Details on pricing, floor plans, and delivery timelines have not yet been released, but the scale and brand positioning suggest that pricing will be competitive with other Ritz-Carlton-branded residences in Miami, where per-square-foot prices often exceed $1,500. Buyers can expect the full range of five-star amenities and services synonymous with the brand, from concierge and valet to spa, wellness, and waterfront leisure offerings. As the project moves forward, it will be one to watch—both for investors seeking premium branded residences and for those tracking North Bay Village’s emergence as Miami’s next luxury waterfront enclave.
Prosper Group & Versluys Group Announce $650M Joint Venture Project in Brickell Along the Miami River
Credit: Prosper Group
Miami-based Prosper Group has just announced a bold new joint venture with Belgian luxury developer Versluys Group to develop a $650 million ultra-luxury waterfront residential tower along the Miami River in Brickell. The project marks Versluys’ official entry into the U.S. market and underscores the continued global demand for high-end Miami real estate.
The development will span three adjacent prime parcels at 99 SW 7th Street, 66 SW 6th Street, and 625 SW 1st Avenue — already acquired earlier this year by Prosper Group. The tower is planned to be a 60-story landmark featuring 158 residences and more than 300 feet of direct Miami River frontage, with delivery anticipated in 2028.
Why This Deal Matters
Global developers are betting on Miami: By partnering with a century-old European luxury brand, Prosper Group is signaling that Miami remains a top-tier global market for luxury residential product. Versluys’ history—founded in 1908 and known for high-end coastal developments in Belgium and the Netherlands—brings European craftsmanship and design elegance to the table.
Riverfront living meets urban convenience: The site’s location on the Miami River offers a unique blend of walkability, waterfront lifestyle and connectivity. Residents will benefit from direct river frontage (and implied boating/yachting access to Biscayne Bay), proximity to Brickell City Centre’s retail, dining and entertainment, and easy access to I-95, Miami International Airport, and the Brightline rail service.
Differentiation in a competitive luxury market: Many high-end Miami projects focus on the bayside or beachfront; this one stands out by embracing the river corridor, offering a somewhat unique vantage in the dense Brickell core. With only 158 units and direct frontage, the “low-density luxury tower” model may attract deep-pocketed buyers seeking lifestyle, exclusivity and design pedigree.
Project Details to Watch
158 residences in a single 60-story tower – emphasizing exclusivity.
300+ feet of river frontage, allowing expansive waterfront views and potential for water-amenities.
The design ethos: Merge European tradition (Versluys) with Miami dynamics (Prosper). Versluys’ CEO Bart Versluys emphasizes “uncompromising quality standards, unmatched attention to detail … values that align seamlessly with Prosper Group.”
Delivery slated for 2028, offering a multi-year window for pre-construction marketing, sales, and value ramp.
Placement in the Brickell Financial District along the Miami River positions it to appeal not just to local buyers but international investors looking for prestige and liquidity.
Strategic Implications for Miami Real Estate
Riverfront resurgence – This confirms the Miami River corridor is being elevated as a serious luxury residential destination, not just the beach or bayfront.
Investor confidence – Even with high interest rates and construction cost pressures, the fact that such a project can be announced indicates confidence in Miami’s long-term luxury demand.
Brand entry/expansion – Brand entry/expansion – European luxury developers are entering Miami, which could intensify competition and raise the standard for interior finishes, amenities, and overall branding in the luxury condo sector.
Marketing leverage – For brokers and developers, this becomes a landmark “halo” project: seldom-seen unit count (158), prime location, heavyweight global partner. That can shape comparables and pricing expectations.
That project features two towers rising 44 and 46 stories from a shared podium and is already more than halfway complete. The announcement of the new Prosper–Versluys tower builds on that momentum and further establishes the Miami River as one of the city’s next great frontiers for luxury residential development.
Why This Matters for Buyers, Investors & Industry Stakeholders
For buyers: If you’re in the market for a luxury Miami condo, this project offers something rare: a smaller unit count, major brand partner, river-front frontage and a delivery timeline that allows time to plan.
For investors: The entry of a European luxury developer alongside an established local player could signal a premium pricing tier, potentially influencing resale values in Brickell’s waterfront market.
For industry professionals: Brokers, architects, lenders and contractors should take note — the market is still clearing large deals, meaning late-cycle luxury product in Miami continues to have legs.
For neighborhood evolution: Brickell’s identity is shifting — from high-rise condos above the shops, to fully integrated waterfront living with yachting access, riverwalk connectivity and mixed-use activations along the river.
Conclusion
This announcement from Prosper Group and Versluys Group is more than just another condo tower—it’s a strategic statement that the Miami River corridor is now firmly in play for ultra-luxury residential development. With a high-profile international partner, a prime waterfront site in Brickell, and a relatively low number of units, this project may become a benchmark for what luxury living looks like in Miami’s evolving skyline.
Miami-Dade Condo Sales Rise Year-Over-Year for the First Time in 17 Months
Miami-Dade County’s condo market showed encouraging signs of strength in September 2025, marking the first time in several months that existing condo sales have increased year-over-year. According to the latest report from the MIAMI Association of Realtors (MIAMI) and the Southeast Florida MLS (SEFMLS), existing condo transactions rose 2.4%, climbing from 883 sales in September 2024 to 904 this year.
The gains were broad-based across price points. Affordable condo sales, defined as transactions priced at $250,000 and below, jumped 30.3%, rising from 122 to 159 closed sales. Meanwhile, the luxury condo segment ($1 million and up) also saw double-digit growth, increasing 12.7% from 118 to 133 transactions. These figures helped push total condo dollar volume up 18.07% year-over-year, reaching approximately $676 million in September.
Condo pricing remained stable despite the increase in activity. The median sale price held steady at $420,000, reflecting a balanced market where both buyers and sellers are adjusting to current conditions. Inventory levels also expanded, rising 19.8% year-over-year from 10,532 active listings to 12,620. While that increase offers buyers more options, supply remains roughly 16.7% below 2019 levels, suggesting that overall inventory is still limited compared to pre-pandemic norms.
Homes continued to sell at a steady but deliberate pace. The median time to contract for condos was 75 days, and the median time to sale was 115 days, slightly longer than a year ago but typical for a market finding balance. Miami-Dade now has 14.2 months of supply of existing condos, up from 11.9 months a year earlier — solidly a buyer’s market by traditional standards, which generally define six months of supply as balanced.
Importantly, this is the first time in many months that Miami’s condo market has shown positive year-over-year growth, offering an optimistic signal that demand could be stabilizing after a quieter first half of the year. The rebound in both affordable and luxury segments highlights renewed confidence among local and out-of-state buyers alike.
Looking ahead, October’s results will be closely watched to see whether this marks the start of a sustained recovery. There’s also growing speculation that a new wave of migration from New York could further boost Miami’s condo demand. With the odds of socialist candidate Zohran Mamdani winning New York City’s mayoral race reportedly at 93%, many New Yorkers are said to be reconsidering their long-term plans. If even a fraction of those residents follow through on relocating, Miami’s condo market could continue to benefit from that ongoing demographic shift in the months to come.
Kerzner International Announces SIRO Brickell — a Wellness-Focused Landmark Coming to the Heart of Brickell
Brickell’s evolution into a world-class urban destination continues with the announcement of SIRO Brickell, the first U.S. outpost of Kerzner International’s wellness-driven hospitality brand. Following the $45 million acquisition of a prime site previously owned by Swire Properties, Kerzner has now revealed plans for a transformative mixed-use project that will blend fitness, recovery, and luxury living in the heart of Miami’s Financial District.
A New Kind of Urban Retreat
Scheduled to open in 2030, SIRO Brickell will feature 180 hotel rooms, 350 branded residences, and state-of-the-art fitness and recovery amenities. The project marks the fourth in SIRO’s expanding global pipeline—joining upcoming destinations in Los Cabos, Riyadh, and Tokyo—and will serve as a showcase for the brand’s mission to redefine hospitality through wellbeing, performance, and purpose-driven living.
According to Kerzner International CEO Philippe Zuber, “SIRO is our disruptor brand; designed to meet the evolving demands of a new generation of travelers who prioritize wellbeing, performance and purpose.” Miami, he added, offers the perfect stage for the brand’s U.S. debut.
Local Expertise, Global Vision
To bring the project to life, Kerzner has partnered with Miami-based 13th Floor Investments and Forse Holdings as local development partners. Both firms bring extensive experience shaping high-impact destinations across South Florida. 13th Floor, led by Managing Principal Arnaud Karsenti, has developed several transformative projects including Link at Douglas and Casa Cipriani Miami. “Brickell has become one of the world’s leading global destinations,” said Karsenti. “This makes it the ideal location to launch SIRO’s flagship project in the U.S.”
A Catalyst for Brickell’s Next Chapter
SIRO Brickell will rise at a time when Brickell is rapidly redefining itself as more than just a financial center. The neighborhood—home to some of Miami’s tallest towers, most exclusive residences, and a growing roster of world-class dining and retail—continues to attract global attention. The addition of a wellness-focused brand like SIRO further diversifies Brickell’s lifestyle offerings, catering to travelers and residents who value balance, health, and design-led living.
The Miami debut of SIRO comes amid a wave of U.S. expansion for Kerzner International, whose other flagship brands include Atlantis, One&Only, and Rare Finds. Later this year, Kerzner will unveil One&Only Moonlight Basin Resort and Private Homes in Montana, followed by a new property in New York’s Hudson Valley—further cementing its reputation for redefining luxury and lifestyle experiences around the world.
An Exclusive Look at Casa Bella Residences: New Construction in the Heart of Miami
As Miami’s skyline continues to evolve, Casa Bella Residences by B&B Italia is quickly emerging as one of the most compelling new construction opportunities in the city. Set in the heart of the Arts & Entertainment District, Casa Bella Residences is being developed by Related Group and Alta Developers, two names synonymous with excellence in Miami real estate. The 56‑story tower was envisioned by Arquitectonica and features interiors curated by Piero Lissoni in partnership with B&B Italia, blending timeless Italian design with Miami’s contemporary skyline.
Casa Bella will be home to 317 meticulously designed residences, all positioned to capture sweeping views of Biscayne Bay and the Atlantic Ocean. Delivery is projected for June 2026, making it one of the few new construction projects in Greater Downtown Miami with a near-term completion date — an ideal fit for buyers who don’t want to wait several years to move in.
Recently, I had the opportunity to tour the project during construction and capture exclusive footage from the 44th floor, offering a rare preview of the sweeping views residents will enjoy. In the video below, I’m joined by VP of Sales Daniela Gutierrez, who shares insights into the building’s layout, floor plan design, ceiling heights, and deposit structure. Notably, all standard residences feature 10-foot-high ceilings, with 11-foot-high ceilings in the Cielo Collection, and 24-foot double-height ceilings in the upper penthouses.
Pricing for remaining inventory:
1-bedrooms from $1.25M
2-bedrooms from $1.55M
3-bedrooms from $1.75M
Penthouses from $4.6M
Casa Bella requires a 30% deposit with the balance due at closing (estimated June 2026). With limited inventory remaining and high buyer interest expected as we approach the busy winter season, now is an opportune time to explore this exceptional offering in Miami’s luxury condo market.
Watch the full video above for an exclusive look inside Casa Bella Residences.
Interested in Casa Bella Residences?
For up-to-date availability, pricing, and floor plans, contact me directly.
Newgard Group & Two Roads Development Secure $513 Million Loan for One Brickell Riverfront
Earlier this week, Newgard Development Group and Two Roads Development announced they have closed on a $513 million construction loan for One Brickell Riverfront, a multi-tower, mixed-use project that promises to redefine how Brickell connects with the Miami River. The loan marks a major milestone for both developers and underscores growing lender confidence in Miami’s luxury residential market—even amid high construction costs and elevated interest rates.
A New Chapter for the Riverfront
One Brickell Riverfront will eventually encompass three towers totaling roughly 2 million square feet of residential, hospitality, and retail space. The development includes two highly anticipated projects already under construction — LOFTY Brickell and The Standard Residences Brickell — both designed by Arquitectonica and featuring extensive riverfront amenities.
LOFTY Brickell will rise 44 stories and include 362 luxury condo residences, complemented by more than 40,000 square feet of amenities, including a private marina, co-working lounge, and rooftop pool. The project is already over 90 percent presold.
Next door, The Standard Residences Brickell brings the boutique-hotel brand’s first residential concept to Miami’s urban core. Rising 46 stories, the tower will offer 422 fully finished residences ranging from studios to two-bedroom layouts, all infused with the brand’s signature lifestyle aesthetic. Amenities include a rooftop pool deck, wellness center, and social lounge curated by The Standard team.
Both towers are expected to be delivered by August 2027, with a third tower — by Jay Roberts’ Prosper Group — planned for a later phase.
The Miami River’s Development Boom
The One Brickell Riverfront financing is part of a much larger wave of investment transforming the Miami River corridor into one of the city’s most dynamic growth frontiers. From the Brickell Bridge heading west along the Miami River, major projects are rising that blend luxury living, hospitality, culture, and public access.
Miami Riverbridge Project
On the north bank near Downtown, the proposed Miami Riverbridge project aims to completely reimagine the existing Hyatt Regency site into a vibrant, multi-tower destination. Plans call for over 1,300 residences, a 615-room Hyatt Regency, an additional lifestyle hotel, and 100,000 square feet of retail and restaurant space.
The project also includes 500 feet of new public Riverwalk, a skybridge restaurant, and expansive waterfront plazas designed to activate the pedestrian realm. Once built, Riverbridge could serve as a visual and cultural gateway linking Downtown Miami and Brickell.
Faena Residences Miami
Among the most ambitious is Faena Residences Miami, marking the brand’s expansion from Miami Beach to the mainland. Designed by the late architect Rafael Viñoly, the twin-tower project will feature 438 residences and a 45,000-square-foot cultural center. Located near the mouth of the river and Brickell City Centre, Faena’s move further solidifies the riverfront’s growing prestige.
The River District / Flow Brickell
Further west along the river, Chetrit Group’s River District recently saw a major shake-up when Flow (founded by Adam Neumann), Canada Global, and Yellowstone Trust acquired a controlling stake in the project for roughly $106 million. The rebranded Flow on the River envisions more than 1,900 residential units across a sprawling mixed-use campus anchored by a 54-story condominium tower. The deal represents one of the largest infusions of institutional capital along the Miami River and signals that the corridor’s potential remains far from fully realized.
Riverside Wharf and Dream Hotel
Further west along the Miami River, the Riverside Wharf development aims to transform an underused stretch of the river into a world-class entertainment and hospitality destination. Plans include restaurants, retail, nightlife venues, and a Dream Hotel Miami, all surrounding a revitalized section of the public Riverwalk. Once completed, it will serve as a social anchor connecting Downtown and Brickell’s waterfronts.
A Riverfront Renaissance in Motion
The Miami River has long served as the city’s working waterway — home to cargo ships, boatyards, and marine industries. Today, it’s being rediscovered as a lifestyle asset, where developers see value in combining urban convenience with waterfront living.
From The Standard Residences and LOFTY Brickell to Faena Residences, Riverside Wharf, and Flow on the River, the common thread is a desire to reclaim the river as a vibrant, connected public space. Many of these developments will extend the Miami Riverwalk, improving pedestrian access and bringing restaurants, marinas, and cultural venues closer to the water’s edge.
This evolution mirrors what happened in other global cities—like Chicago, London, and New York—where neglected industrial riverfronts have become thriving mixed-use destinations. In Miami’s case, the transformation is happening at a staggering pace, driven by developers with both deep local roots and global brands behind them.
Confidence in Miami’s Market
Securing more than half a billion dollars in financing for One Brickell Riverfront in 2025 demonstrates strong lender confidence in Miami’s luxury and branded-residence sectors. Despite rising construction costs and higher borrowing rates, demand for well-located, lifestyle-driven waterfront product remains robust.
With LOFTY Brickell and The Standard Residences Brickell already under construction — and other riverfront megaprojects moving ahead — the Miami River is poised to become the city’s next major development corridor. By the end of this decade, it could rival Biscayne Bay as Miami’s most sought-after waterfront address.
Miami Homeownership Ranks Among Lowest in U.S., Redfin Study Finds
When people talk about housing affordability in Miami, the challenge is often framed in terms of rent being too high. However, a recent Redfin study reveals something more striking: Miami ranks relatively low among U.S. metropolitan areas in homeownership rates. In some ways, the city is more of a “renters’ town” than many might expect.
Miami’s Homeownership Ranking in 2025
Redfin’s Q2 2025 homeownership study paints a clear picture: Miami’s homeownership rate is just 57.5%, meaning more than 42% of households rent. By comparison, the national homeownership rate stands at 65%.
Among the 75 largest U.S. metro areas studied, Miami ranks near the bottom. While not the lowest, Miami is grouped with other expensive, high-demand coastal cities where homeownership is out of reach for many residents.
Cities With Even Lower Homeownership Than Miami
Despite Miami’s affordability challenges, several major metros report even lower rates of homeownership:
Los Angeles, CA – 46.4%
New York, NY – 49.4%
San Francisco, CA – 54.0%
San Jose, CA – 53.9%
Among these, Los Angeles has the lowest homeownership rate of any major U.S. city, with fewer than half of households owning their home.
Why Homeownership Is So Difficult in Miami
Miami’s relatively low homeownership rate is the result of several overlapping pressures:
High Home Prices
The national median home price reached $443,867 in July 2025; however, in Miami, prices frequently surpass this benchmark. Many local neighborhoods — especially coastal and luxury markets — are priced far beyond what middle-class families can afford.
Rising Mortgage Rates
With mortgage rates hovering around 6.5%, even qualified buyers face steep monthly payments. Higher rates reduce affordability and trap more households in long-term renting.
Wage and Affordability Gap
Local wages haven’t kept pace with housing costs. Many Miami residents work in service-based industries, such as hospitality and retail, where incomes often fall well below what’s needed to afford a mortgage comfortably.
Insurance Costs and Climate Risk
Miami’s property insurance crisis adds another layer of financial burden. Homeowners pay thousands more per year compared to the national average, and climate-related risk factors, such as hurricanes and flooding, further increase premiums.
Limited Housing Supply
Geography constrains Miami’s housing market — the Atlantic Ocean to the east and the Everglades to the west limit buildable land. Add zoning restrictions and lengthy permitting, and the result is limited new supply and higher prices.
Wealth Inequality
Generational wealth plays a significant role in homeownership. In Miami, many households lack the savings or family resources needed for down payments, even if they could afford the ongoing mortgage payments.
What Miami Would Need to Change
If Miami wants to improve its homeownership rate and give more residents the chance to buy, several systemic changes are needed:
Increase Affordable Supply – Streamline zoning, permit approvals, and incentivize the development of starter homes and “missing middle” housing.
Expand Buyer Assistance – Provide stronger down payment assistance, low-interest loan programs, and financial education for first-time buyers.
Address Insurance Costs – Reform Florida’s insurance market to stabilize premiums and invest in climate resilience projects that reduce property risk.
Boost Local Wages – Diversify Miami’s economy into higher-paying sectors, such as tech and finance, thereby giving residents greater purchasing power.
Improve Lending Access – Encourage banks to adopt more flexible underwriting criteria and expand credit-building programs for renters.
Conclusion
Miami has long been a magnet for international buyers and luxury investors; however, this global demand has left many locals priced out of the market. With a homeownership rate of just 57.5%, the city falls well below the national average and sits alongside other expensive coastal metros where renting remains the dominant housing option.
While cities like Los Angeles and New York show even lower homeownership rates, Miami’s unique mix of high prices, stagnant wages, and skyrocketing insurance costs creates significant barriers.
If Miami is to shed its reputation as a “renter’s city,” policymakers and developers must collaborate to expand affordable housing, stabilize insurance markets, and create genuine pathways to homeownership for local families. Without those changes, Miami risks becoming a place where owning a home remains a dream for many — and a reality for only a privileged few.
