Is Brickell Key an expensive neighborhood? It’s a question that has been asked many times by potential buyers and renters who are looking for a desirable place to live in Miami. Brickell Key, located near the bustling downtown area of Brickell, is one of the most sought-after neighborhoods in all of Miami. With its spectacular views, excellent shopping and dining options, and convenient location, it’s easy to see why the area is so popular.
When it comes to pricing, Brickell Key is definitely on the pricier side. According to the latest data from NeighborhoodScout, the median home value for Brickell Key is almost $650,000, while the median rent is around $2,500. That puts Brickell Key in the higher end of the Miami real estate market. But, for those looking for a high-end area with all the amenities, it can be a great option.
The cost of living in Brickell Key is also above Miami’s average. According to Numbeo, the cost of living in Brickell Key is 18.5% higher than in the city of Miami. The grocery prices in the area are 4.3% higher than the city average, and housing prices are over 40% higher. That said, the overall cost of living in Brickell Key is still lower than in nearby cities like Coral Gables and Key Biscayne.
Overall, Brickell Key is an expensive neighborhood. But, for those who are looking for an upscale living experience with all the bells and whistles, it can be a great option. With its convenient location, stunning views, and excellent amenities, it’s easy to see why so many people are willing to pay the price for a place in Brickell Key.
Exploring The Cost Of Living In Brickell Key
Brickell Key is an exclusive island located in the heart of Miami’s financial district. It is one of the most expensive areas to live in South Florida. In this article, we will explore the cost of living in Brickell Key and why it is so expensive.
The rent prices in Brickell Key are quite high. According to Rent Jungle, the average price for a one-bedroom apartment in Brickell Key is $2,004 per month. This is significantly higher than the average rent in the Miami metro area, which is $1,700 per month. The median rental price in Brickell Key is $2,400 per month.
The cost of purchasing a home in Brickell Key is also high. According to Zillow, the median home value in Brickell Key is $541,000. This is much higher than the median home value in the Miami metro area of $345,000. The average listing price for a home in Brickell Key is $1.2 million.
The cost of living in Brickell Key is also more expensive than most other areas of Miami. The overall cost of living in Brickell Key is 40% higher than the national average. The cost of groceries, transportation, and healthcare are all higher in Brickell Key than in other areas of Miami. Additionally, the taxes in Brickell Key are higher than most other parts of the city.
The high cost of living in Brickell Key is due to several factors. For starters, Brickell Key is an exclusive island and only a few people are able to afford to live there. Additionally, the area is very desirable and has become a popular destination for luxury travelers. The area also has some of the best restaurants, shopping, and nightlife in Miami.
Overall, Brickell Key is one of the most expensive areas to live in South Florida. The cost of living is much higher than the national average, and the rent and home prices are significantly higher than other parts of Miami. While the cost of living in Brickell Key is high, the area is still desirable due to its exclusive atmosphere and high-end amenities.
Cost of Living in Brickell Key:
| Item | Cost |
|---|---|
| Average Rent | $2,004 |
| Median Home Value | $541,000 |
| Cost of Living | 40% higher than national average |
| Taxes | Higher than most areas of Miami |
Determining Whether Brickell Key Is An Expensive Place To Live
Brickell Key is an upscale residential and commercial area in Miami, Florida, located just south of the downtown area. It is known for its luxurious condominiums, high-end restaurants, upscale shopping, and its white sand beaches. So, is Brickell Key an expensive place to live? The answer is yes.
The average rent for a one-bedroom apartment in Brickell Key is almost $2,500 per month. Rent for a two-bedroom apartment averages around $3,500 per month. Rent for a three-bedroom apartment in Brickell Key can be as high as $4,500 per month. You can also find luxury apartment rentals in Brickell Key, with prices starting around $7,000 per month.
The cost of housing in Brickell Key is higher than the national average. The median home price in Brickell Key is around $800,000, while the median home price in the United States is around $260,000. The cost of living in Brickell Key is also higher than the national average. Prices for groceries, transportation, healthcare, and other essential goods and services are all higher in Brickell Key than the national average.
In addition to high housing costs, Brickell Key also has high property taxes. Property taxes in Brickell Key are about 2.5% of the purchase price of the home. In addition, homeowners in Brickell Key must pay annual assessments to fund the maintenance of the community. These assessments can be as high as $10,000 per year.
Though Brickell Key is an expensive place to live, it does have many advantages. Brickell Key offers its residents access to upscale shopping, dining, and entertainment options. It is also close to the beaches and other attractions in Miami and the surrounding area. Residents of Brickell Key enjoy spectacular views of the Miami skyline and the Biscayne Bay.
| Cost Type | Average Cost |
|---|---|
| 1-Bedroom Apartment | $2,500/month |
| 2-Bedroom Apartment | $3,500/month |
| 3-Bedroom Apartment | $4,500/month |
| Luxury Apartment Rentals | $7,000/month |
| Median Home Price | $800,000 |
| Property Taxes | 2.5% of Purchase Price |
| Annual Assessments | Up to $10,000/year |
In conclusion, Brickell Key is an expensive place to live. The cost of housing and other essential goods and services are higher than the national average. However, Brickell Key offers its residents access to upscale amenities and breathtaking views of Miami and the Biscayne Bay.
Yes, Brickell Key is an expensive neighbourhood in Miami, Florida.
The average cost of living in Brickell Key is high, with some rents reaching up to $4,000 USD or more per month.
Brickell Key offers a variety of amenities that include restaurants, parks, high-end shopping, and access to the Miami International Airport.
Housing in Brickell Key consists mainly of luxury condominiums and apartments.
No, there are no schools or universities in Brickell Key.
Public transportation in Brickell Key includes buses and metrorail, as well as taxis and ride-sharing services such as Uber and Lyft.
Yes, Brickell Key is generally considered to be a safe neighbourhood within Miami.
Brickell Key enjoys a tropical climate with hot, humid summers and mild, dry winters.
The average price of housing in Brickell Key is around $1,500 to $2,500 USD per square foot.
Brickell Key offers a variety of restaurants, from casual eateries to high-end fine dining.