Miami is losing some of its luster as an international property destination. One more sign: a new report pegs Miami with some of the worst traffic in the world.
Miami has become one of the most congested and trafficked in the world, trailing only the clogged highways of Chicago, Boston, and New York in the United States, according to a study carried out by the American company INRIX. For the record, the firm lists London as the worst-traffic city in the world, followed by Chicago, Paris, Boston, and New York. Bogata, Toronto, Philadelphia, and Palermo round out the Top 10.
For property buyers familiar with changes in Miami, the ranking is not really news. Miami will always have its allure — it’s one of the world’s great cities — but it’s facing many of the same issues as many big U.S. cities. We hear it from our clients all the time — Miami is not what it used to be.
The study identifies all sorts of ramifications for the traffic issues in Miami. People commuting in Miami lost a total of 105 hours per year due to traffic, which is even worse than in Los Angeles. That translates to $1,700 lost by the typical driver in time alone, the report concludes.
While these types of reports often are a mix of data and conjecture, there is no doubt traffic is a problem in Miami. And the INRIX group concludes it’s getting worse. The traffic metrics for Miami are up 59% in the last year and 30% since 2019.
All cities have traffic issues, but this report is a reminder that Miami’s traffic jams are a real problem. They are one more reason property investors see vibrant, compact Panama City Real Estate as an attractive alternative.