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 | Hialeah Gardens | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $363,131 | $293,727 | $242,182 |
| Price Trend (Annual %) | 11.0% | 12.0% | 8.2% |
| Median Gross Rent | $1,781 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.2% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hialeah Gardens is about 24% higher than in Florida. Rent is about 14% higher than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2022
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Hialeah Gardens, up about 11.0% and 5.2% a year respectively. Home prices are changing faster.
Median rent in Hialeah Gardens rose about 50.0% between 2015 and 2023, from $1,187 to $1,781. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 6.1 yearly household incomes in Hialeah Gardens.
Buying the median-priced home in Hialeah Gardens costs roughly 17.0 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 Hialeah Gardens. The price-to-rent ratio in Florida is about 15.7.
| Metric | Hialeah Gardens | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $363,131 | $293,727 | $242,182 |
| Median Household Income | $59,622 | $71,865 | $78,145 |
| Price-to-Income Ratio | 6.1 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2022, the median home price in Hialeah Gardens rose about 127.6%, while median household income rose about 39.2% 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 | Hialeah Gardens | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.1% | 57.1% | 58.2% |
| Rental Rate | 42.8% | 27.7% | 31.3% |
| Vacancy Rate | 1.1% | 15.2% | 10.6% |
| Median Tenure (years) | 15.0 | 13.0 | 15.0 |
| Median Year Moved In | 2011 | 2013 | 2011 |
Hialeah Gardens has a homeownership rate of 56.1%, lower than the Florida average of 57.1%. Its housing vacancy rate is 1.1%, compared with 15.2% in Florida.
Housing Stock
| Metric | Hialeah Gardens | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.00 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1990 | 1987 | 1978 |
| Median Number of Rooms | 4.5 | 5.2 | 5.5 |
The typical housing unit in Hialeah Gardens was built around 1990. On average, 3.0 people live in a home with about 4.5 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hialeah Gardens, Florida.
What is the median home price in Hialeah Gardens, Florida?
The median home price in Hialeah Gardens, Florida is $363,131, higher than the Florida average of $293,727.
What is the average home price in Hialeah 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 Hialeah Gardens, Florida?
The median gross rent in Hialeah Gardens, Florida is $1,781 per month, higher than the Florida average of $1,564.
What was the median gross rent in Hialeah Gardens in 2020?
In 2020, the median gross rent in Hialeah Gardens, Florida was $1,472 per month.
What is the price-to-rent ratio in Hialeah Gardens, Florida?
The price-to-rent ratio in Hialeah Gardens, Florida is about 17.0, meaning it would take roughly 17.0 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 Hialeah Gardens.
Are home prices or rent rising faster in Hialeah Gardens, Florida?
Both home prices and rent are rising in Hialeah Gardens, up about 11.0% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hialeah Gardens, Florida?
56.1% of households in Hialeah Gardens, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in Hialeah Gardens, Florida?
The housing vacancy rate in Hialeah Gardens, Florida is 1.1%, lower than the Florida average of 15.2%.