Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Biscayne Gardens | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $460,654 | $293,727 | $242,182 |
| Price Trend (Annual %) | 26.2% | 12.0% | 8.2% |
| Median Gross Rent | $1,479 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.0% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Biscayne Gardens is about 57% higher than in Florida. Rent is about 5% lower than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Biscayne Gardens, up about 26.2% and 6.0% a year respectively. Home prices are changing faster.
Median rent in Biscayne Gardens rose about 57.6% between 2015 and 2023, from $939 to $1,479. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 9.4 yearly household incomes in Biscayne Gardens.
Buying the median-priced home in Biscayne Gardens costs roughly 26.0 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Biscayne Gardens. The price-to-rent ratio in Florida is about 15.7.
| Metric | Biscayne Gardens | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $460,654 | $293,727 | $242,182 |
| Median Household Income | $49,123 | $71,865 | $78,145 |
| Price-to-Income Ratio | 9.4 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Biscayne Gardens rose about 315.8%, while median household income rose about 26.2% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Biscayne Gardens | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 48.0% | 57.1% | 58.2% |
| Rental Rate | 45.3% | 27.7% | 31.3% |
| Vacancy Rate | 6.7% | 15.2% | 10.6% |
| Median Tenure (years) | 14.0 | 13.0 | 15.0 |
| Median Year Moved In | 2012 | 2013 | 2011 |
Biscayne Gardens has a homeownership rate of 48.0%, lower than the Florida average of 57.1%. Its housing vacancy rate is 6.7%, compared with 15.2% in Florida.
Housing Stock
| Metric | Biscayne Gardens | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.07 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1965 | 1987 | 1978 |
| Median Number of Rooms | 4.6 | 5.2 | 5.5 |
The typical housing unit in Biscayne Gardens was built around 1965. On average, 3.1 people live in a home with about 4.6 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Biscayne Gardens, Florida.
What is the median home price in Biscayne Gardens, Florida?
The median home price in Biscayne Gardens, Florida is $460,654, higher than the Florida average of $293,727.
What is the average home price in Biscayne Gardens, Florida?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Biscayne Gardens, Florida?
The median gross rent in Biscayne Gardens, Florida is $1,479 per month, lower than the Florida average of $1,564.
What was the median gross rent in Biscayne Gardens in 2020?
In 2020, the median gross rent in Biscayne Gardens, Florida was $1,174 per month.
What is the price-to-rent ratio in Biscayne Gardens, Florida?
The price-to-rent ratio in Biscayne Gardens, Florida is about 26.0, meaning it would take roughly 26.0 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Biscayne Gardens.
Are home prices or rent rising faster in Biscayne Gardens, Florida?
Both home prices and rent are rising in Biscayne Gardens, up about 26.2% and 6.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Biscayne Gardens, Florida?
48.0% of households in Biscayne Gardens, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in Biscayne Gardens, Florida?
The housing vacancy rate in Biscayne Gardens, Florida is 6.7%, lower than the Florida average of 15.2%.