A popular Florida city is facing a mass exodus as thousands of condo owners are ditching their homes amid skyrocketing HOA fees.
Miami is known for its beaches, beautiful weather and enclave of wealthy residents, but some of its most affluent are looking to ditch the coastal city as statewide safety regulations are raising homeowner association fees to repair buildings.
Nearly 2,000 homes worth more than $1 million have been listed in the Miami area, according to Zillow.
More than 41,000 homes are listed in the city, or roughly 1.5 percent of the Miami’s housing – an increase of 57 percent year-over-year, according to Propstream.
The city has recently been named the most overvalued market in the world, with an average price of $525,000, according to the outlet.
‘Even with the recent declines of the stock market – which has an impact on luxury deals – South Florida $1 million and up home sales continues exceling,’ 2025 MIAMI Association of Realtors Chairman Eddie Blanco said in a statement.
‘The world loves Miami.’
However, despite the staggering number of listings, Miami has been rated the second best housing market in the US in 2025, with West Palm Beach ranking first, according to Cision.