South Beach Luxury on a Shoestring Budget! Snap Up an Affordable Home in Miami Hot Spot for Under $200K

The Florida housing market continues to be smoking hot, filling up with dozens of multimillion-dollar mansions so opulent that they bring a whole new meaning to luxury living.

However, while there are plenty of lavish abodes currently available for purchase in the Sunshine State, living in some of the state’s most popular and glamorous areas doesn’t need to be quite so expensive.

In fact, there are many more affordable dwellings available in places like Miami that can be snapped up for much lower prices, enabling those with lemonade budgets to still get a taste of Florida’s Champagne lifestyle in one of the area’s most desirable locations: South Beach.

While the state of Florida has dominated the Realtor.com® most expensive homes list for three weeks in a row now, just a stone’s throw from some of those immense mansions sits a slew of much more budget-friendly properties, including an array of South Beach homes that are currently on the market for under $200,000.

Whether you are looking to downsize or invest in a winter getaway, these properties might be small on price, but the return on investment could be well worth considering.

1. Miami Beach, FL 

Price: $180,000

Sevilla Plaza: This studio has just 300 square feet of space, but it is located in the heart of South Beach.

The building was constructed in 1925, but the unit has been modernized over the years. The bright space has oversized windows, a galley kitchen, and dark wood floors.

The monthly homeowners association fee is $1,114.

2. 1027 Euclid Ave Unit 5, Miami Beach, FL

Price: $190,000

Art deco building: This 400-square-foot studio is nestled in a recently renovated building that allows pets.

The corner unit on the first floor boasts laminated wood floors, 8-foot-high ceilings, and an energy-saving air conditioner. Located just one block from Flamingo Park, the cute home is also near the beach as well as bars, restaurants, and Miami’s hot nightlife.

The monthly HOA fee is $550.

3. 900 Jefferson Ave Apt 6, Miami Beach, FL

Price: $195,000

Walking distance to Lincoln Road Mall: This 400-square-foot, one-bedroom studio seems more spacious thanks to its high ceiling and separate living and sleeping quarters.

A decorative fireplace can be found in the living area with hardwood floors. The spacious bedroom has tile flooring and a ceiling fan. There is also a small galley kitchen with new appliances and a large window to allow in some natural sunlight. It is located within walking distance of popular South Beach attractions.

The monthly HOA fee is $680.

4. 642 Michigan Ave Apt 6, Miami Beach, FL

Price: $195,000

Michigan Avenue location: This 290-square-foot condo might be the smallest one on our list, but it’s also the most modern.

Making the most of every inch of space, the adorable unit has a galley kitchen with a washer and dryer, light floors, and a cute dining area with a window to take in the views. There is a glass-stall shower in the updated bathroom. The bedroom has closet cabinetry, and the sellers even made room for a small office.

The monthly HOA fee is $504.

5. 1250 Drexel Ave Unit 8, Miami Beach, FL

Price: $199,000

Three blocks to the beach: This studio is the largest offering on our list, boasting 470 square feet of updated space.

The second-floor unit is located in a gated art deco building in the center of all of the action in South Beach. The newly painted interior features new kitchen cabinets and a newer wall air conditioner. It has an active rental through June 30, 2025, according to the listing.

The monthly HOA fee is $646.