WRE News: Inflation Rates in Miami Rank Highest in the Country

Miami, FL – November 20, 2023 – Amidst a nationwide ease in price pressures, Floridians face an opposite reality, with Miami reporting an annual inflation rate of 7.4% in October—more than double the national average. 

This price surge, particularly in housing, is attributed to people and businesses relocating to Florida, drawn by low taxes and sunny weather, with the state’s population growth surpassing all others last year. Florida’s housing shortage, spanning five years, intensifies the inflationary pressure, causing shelter costs to rise notably in Miami and Tampa. The Miami metro area, in particular, saw rents increase by 12.9% in the last year, well above the 7.2% national average. While this has posed challenges for locals like financial analyst Rebecca Avshalom, who had to leave Miami due to unaffordable rents, experts anticipate a potential correction in the coming months as inflation data aligns with market realities.