WRE News: Miami’s Growth Defies Climate Threats, but Faces Housing & Insurance Crisis.

Miami Beach, FL – January 6, 2025 – Miami’s population has soared to 450,000, defying both the threats of rising sea levels and increasingly destructive hurricanes.

In the past five decades, Miami has grown from 334,859 residents despite projections that two-thirds of the city could be underwater by 2060. The influx is fueled by Florida’s lack of income tax and Miami’s appealing weather. However, the city’s once-booming real estate market has taken a sharp downturn, with home prices dropping 12.4% year-over-year as of September—the largest decline among the 50 largest U.S. cities.

This shift is partly driven by skyrocketing home insurance rates linked to climate risks. Many homes are now uninsurable, pricing residents out of the market and fueling a potential wave of “reverse migration” as people seek safer, more affordable areas.

While Miami continues to attract newcomers, its future is clouded by financial and environmental instability.

Written by Raquel Martinez