Tourism put $32.2 billion into Miami-Dade in 2025. Underneath, UBS counts the strangest ratio in American real estate: home prices tripled in fifteen years while household incomes rose 25% — bubble score 1.41, elevated and falling.
('Miami is the UBS report’s Exhibit A for the new regime: a market where demand is written by accumulated wealth, not wages. Prices tripled in fifteen years; incomes rose a quarter as much; and yet the correction stays shallow because the luxury segment runs on cash — the highest share of all-cash buyers in the study insulates the top end from mortgage rates.', 'Real prices slipped and rents lagged inflation through 2025 — the cooling that pulled Miami’s bubble score down from its peak. UBS’s verdict: a broad correction is unlikely while relocation from high-tax states continues, but the affordability wall now caps the volume story.')
('The tourism ledger: 28.3 million visitors, $32.2 billion in total impact, 209,000 jobs, and a hotel market that holds America’s #1 RevPAR ranking among top-25 markets even in a soft year. Add the infrastructure cash: $14 billion into the airport rebuild, record port investments, and a convention hotel pipeline led by the 800-room Grand Hyatt.', 'The risk line runs through Canada and the cost base — insurance premiums, condo reserve laws, restaurant closures — but the money flow keeps a cushion the boom years built: Miami enters any downturn with the fullest order book in its history.')
Miami’s paradox is the traveller’s opportunity: a wealth-priced city in a soft-demand year. The 1.41 score says the locals’ math is stretched; the $32 billion says yours still buys the best version of America’s tropical capital. Take the discount while the Canadians hesitate — the World Cup ends that window.
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