It’s a little expensive due to current real estate values; anticipate to pay at least $700,000. That’s for a one-bedroom flat that’s around 40% smaller than the mainland equivalent.
Living on the beach is a dream for most people, one that may be fulfilled with a lot of effort and hard work.
You have the benefit of owning a property you can use during the summer while also earning money if you decide to rent it out. You may charge a lot of rent, but you can also charge a lot of money. It’s possible that your cost structure will be drastically different. Other factors to think about are the ability to spend time there and deduct travel expenditures, as well as the option of utilizing it as a second or retirement home.
There are certain drawbacks, but it’s not only a financial decision for me. I like hearing and seeing the water and hope to spend more time there in the future.
If you have children, you are giving them the opportunity to have wonderful summer vacations. Go for it if you love the beach and the sea. Keep in mind, though, that Miami and Hawaii are also high-humidity places that you should research before making any snap decisions.