Few markets got hit as hard as Miami did in the housing bust. Home prices are still off by nearly 50% from their 2006 highs.
In many communities, owning a home for a year is all it takes for an investment to pay off, according to Zillow. Even in some of the most expensive towns like Fisher Island and Key Biscayne, the breakeven point is only about six years.
Buyers may want to strike while the iron is hot, however. Prices have been on the upswing lately, rising about 7% between last November and June -- about twice the gain for the average city.
