Miami: Buy
Median home price: $140,200
Median annual rent: $22,460
Price-to-rent ratio: 6
The housing bust altered Miami.
Thousands of condo units that were planned during the boom were not completed until after the bubble burst. With no buyers on hand, many were converted to rentals.
These units often come with the plush amenities and features usually found in upscale buildings, and the rents reflect that, according to Trulia spokeswoman Tar-Nicholle Nelson.
Meanwhile, home prices have cratered, down nearly 50% from their peak levels of 2006. According to real estate broker Kevin Berman, many people who move to Miami rent for a year or two before buying because prices are so low.
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Last updated January 25 2011: 8:31 AM ET
