Today's Read Contributor Miami’s housing crisis, which has worsened in recent years, is explored in a compelling new book that dissects the causes and consequences of skyrocketing housing costs in the region. The book, “The Price of Paradise: The Battle for Miami’s Housing” by urban planner and real estate expert Laura Meyers, provides an in-depth look at the drivers behind the city’s real estate boom and how it has impacted residents, particularly those from low-income and minority communities. This timely release is part of a growing body of literature examining the intersection of real estate, gentrification, and inequality in American cities.
The State of the Miami Housing Market
In recent years, Miami’s housing market has been marked by rapid growth in property values, with the city now being one of the most expensive in the U.S. The median rent in Miami has surged by nearly 50% over the past five years, and housing prices have reached unsustainable levels. As of 2025, the average rent for a one-bedroom apartment in Miami is hovering around $2,000 per month, a number that continues to climb. Meanwhile, property developers are focused on luxury condos and high-end buildings that cater to the wealthy, rather than affordable housing units that could help alleviate the growing crisis.
In The Price of Paradise, Meyers explores the factors that have contributed to this spike in housing costs, including the influx of foreign buyers, the growth of short-term rental markets like Airbnb, and the role of corporate investors in purchasing large swaths of rental properties. As Meyers highlights, these factors are not only contributing to an affordability crisis but also reshaping Miami’s urban landscape in ways that displace long-time residents.
The Role of Developers and Investors
One of the central themes of The Price of Paradise is the role of developers and real estate investors in exacerbating the housing crisis. Meyers traces the history of real estate development in Miami, noting that the city’s rapid gentrification has been driven by both domestic and international investors seeking to capitalize on the city’s popularity as a tourist and vacation destination.
According to the book, the vast majority of new housing developments in Miami are geared toward wealthy buyers, with little regard for the needs of working-class residents. Developers are increasingly focusing on luxury condominiums and high-end apartments, often displacing lower-income communities in the process. Additionally, large institutional investors have been buying up rental properties, raising rents, and pushing out tenants who cannot afford the inflated prices.
Meyers argues that these trends are not unique to Miami but are reflective of broader patterns of urban inequality that are being seen in cities across the United States. As she explains, the influx of foreign capital into the city has contributed to a real estate market that prioritizes profit over people, leaving vulnerable communities struggling to find affordable housing options.
Gentrification and Displacement
One of the most pressing issues highlighted in The Price of Paradise is the growing trend of gentrification in Miami. As wealthier residents move into formerly low-income neighborhoods, long-time residents are being displaced, forced to move further away from the city’s core in search of affordable housing. This has led to the erosion of Miami’s once-diverse neighborhoods, with historically Black and Latino communities bearing the brunt of the displacement.
Meyers discusses several neighborhoods in Miami, such as Little Havana and Overtown, where gentrification has already caused significant disruption. While these areas have experienced economic growth due to new investments, they have also seen their cultural fabric unravel as affordable housing becomes increasingly scarce.
Policy Solutions
In the latter half of the book, Meyers offers a series of policy solutions aimed at addressing the housing crisis in Miami. She advocates for stronger rent control laws, more investment in affordable housing development, and reforms to the zoning laws that currently favor high-end luxury developments. Meyers also calls for greater regulation of the short-term rental market, which has exacerbated housing shortages in key neighborhoods.
Additionally, she emphasizes the need for Miami’s local government to prioritize the needs of its residents over those of developers and investors. She believes that a more equitable approach to urban development could ensure that all residents—regardless of income—can benefit from the city’s economic growth.
Conclusion
The Price of Paradise offers a thorough and well-researched examination of Miami’s housing crisis, making it an essential read for anyone interested in understanding the forces driving gentrification and inequality in urban America. Meyers’ analysis of the housing market, along with her proposed solutions, provides a roadmap for how cities like Miami can address the housing challenges they face in a more equitable and sustainable way.
