What $500,000 Gets You in Miami (Summer 2025)

Miami has long been known for its luxury properties, vibrant neighborhoods, and competitive housing market. As of mid-2025, with median home prices hovering around $630,000, many buyers are asking: What does a $500,000 budget really get you in Miami today?

Let’s take a closer look at the types of properties currently available, where you can find them, and how far your budget will go.

Market Overview

• Median listing price in Miami: Approximately $630,000

• Homes sold at or below $500,000: Common in the condo and townhouse segments

• Inventory: Rising steadily, especially in suburban and mid-range markets

• Market trend: Slower activity, longer days on market (typically 90+ days for homes under $500,000)

What Can You Expect for $500,000?

1. Condominiums in Central Miami

Condos remain the most accessible entry point for buyers working with a $500,000 budget.

• In areas like Brickell, Downtown, and Edgewater, you can find one- to two-bedroom units ranging from 600 to 1,000 square feet.

• Most buildings offer amenities such as pools, gyms, and 24/7 security.

• Many of these units are ideal for first-time buyers, professionals, and investors looking for long-term or short-term rental potential.

2. Townhouses and Suburban Options

If space is your priority, look toward Southwest Miami-Dade and other suburban neighborhoods.

• You’ll find three-bedroom, two-bathroom townhomes or small single-family homes in this price range.

• Square footage ranges from 1,200 to over 2,000 square feet depending on location.

• These homes typically offer outdoor space, parking, and are located in family-oriented communities.

3. Miami Shores and Value Pockets

Miami Shores and similar value-focused areas present strong options for buyers under the $500,000 mark.

• Two-bedroom townhouses with access to pools, tennis courts, or even water views can be found for $350,000 to $450,000.

• These neighborhoods offer a mix of quiet streets and proximity to downtown or major highways.

• Many properties in this range are part of gated communities or small residential enclaves.

Neighborhood Highlights

Brickell, Downtown, Edgewater

• Compact units in high-rise buildings

• Prime urban locations, walkable to shops and restaurants

• Typically under 1,000 square feet

Southwest Miami-Dade, Homestead, Kendall

• Spacious townhomes or small single-family homes

• More square footage, family-friendly environments

• Lower cost per square foot

Miami Shores, Upper East Side

• Mid-size townhouses with amenities

• Some canal-view units available

• Less dense than central neighborhoods

What to Watch Out For

• Many properties under $500,000 are part of condo associations. Always review HOA fees, insurance requirements, and rental rules.

• With rising insurance costs in Florida, monthly payments can vary significantly depending on property type and location.

• Some units may require renovations or updates, so plan for inspection and post-sale costs.

Final Thoughts

While $500,000 may no longer stretch as far as it did a few years ago, there are still quality homes available in Miami within this budget. Whether you're looking for a downtown condo, a family-oriented townhouse, or a low-maintenance investment unit, the key is to act strategically, explore emerging neighborhoods, and understand what you’re trading off in terms of size, location, or amenities.

If you're considering buying in Miami and want help identifying the best opportunities within your price range, I’d be happy to assist. Reach out to schedule a customized property consultation.