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 | Cutler Bay | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $399,486 | $293,727 | $242,182 |
| Price Trend (Annual %) | 5.7% | 12.0% | 8.2% |
| Median Gross Rent | $1,853 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.3% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cutler Bay is about 36% higher than in Florida. Rent is about 18% higher 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 Cutler Bay, up about 5.7% and 6.3% a year respectively. Rent is changing faster.
Median rent in Cutler Bay rose about 58.1% between 2015 and 2023, from $1,172 to $1,853. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 4.9 yearly household incomes in Cutler Bay.
Buying the median-priced home in Cutler Bay costs roughly 18.0 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Cutler Bay. The price-to-rent ratio in Florida is about 15.7.
| Metric | Cutler Bay | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $399,486 | $293,727 | $242,182 |
| Median Household Income | $81,379 | $71,865 | $78,145 |
| Price-to-Income Ratio | 4.9 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Cutler Bay rose about 43.9%, while median household income rose about 53.1% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Cutler Bay | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.4% | 57.1% | 58.2% |
| Rental Rate | 30.5% | 27.7% | 31.3% |
| Vacancy Rate | 4.1% | 15.2% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
Cutler Bay has a homeownership rate of 65.4%, higher than the Florida average of 57.1%. Its housing vacancy rate is 4.1%, compared with 15.2% in Florida.
Housing Stock
| Metric | Cutler Bay | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.06 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1983 | 1987 | 1978 |
| Median Number of Rooms | 5.8 | 5.2 | 5.5 |
The typical housing unit in Cutler Bay was built around 1983. On average, 3.1 people live in a home with about 5.8 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Cutler Bay, Florida.
What is the median home price in Cutler Bay, Florida?
The median home price in Cutler Bay, Florida is $399,486, higher than the Florida average of $293,727.
What is the average home price in Cutler Bay, 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 Cutler Bay, Florida?
The median gross rent in Cutler Bay, Florida is $1,853 per month, higher than the Florida average of $1,564.
What was the median gross rent in Cutler Bay in 2020?
In 2020, the median gross rent in Cutler Bay, Florida was $1,553 per month.
What is the price-to-rent ratio in Cutler Bay, Florida?
The price-to-rent ratio in Cutler Bay, Florida is about 18.0, meaning it would take roughly 18.0 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Cutler Bay.
Are home prices or rent rising faster in Cutler Bay, Florida?
Both home prices and rent are rising in Cutler Bay, up about 5.7% and 6.3% a year respectively. Rent is changing faster.
What is the homeownership rate in Cutler Bay, Florida?
65.4% of households in Cutler Bay, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Cutler Bay, Florida?
The housing vacancy rate in Cutler Bay, Florida is 4.1%, lower than the Florida average of 15.2%.