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 | Key Biscayne | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $2,000,000 | $293,727 | $242,182 |
| Price Trend (Annual %) | 15.8% | 12.0% | 8.2% |
| Median Gross Rent | $3,500 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.8% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Key Biscayne is about 581% higher than in Florida. Rent is about 124% 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 Key Biscayne, up about 15.8% and 5.8% a year respectively. Home prices are changing faster.
Median rent in Key Biscayne rose about 54.8% between 2015 and 2023, from $2,261 to $3,500. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 13.5 yearly household incomes in Key Biscayne.
Buying the median-priced home in Key Biscayne costs roughly 47.6 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 Key Biscayne. The price-to-rent ratio in Florida is about 15.7.
| Metric | Key Biscayne | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $2,000,000 | $293,727 | $242,182 |
| Median Household Income | $147,932 | $71,865 | $78,145 |
| Price-to-Income Ratio | 13.5 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Key Biscayne rose about 42.8%, while median household income rose about 25.0% 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 | Key Biscayne | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 43.4% | 57.1% | 58.2% |
| Rental Rate | 20.8% | 27.7% | 31.3% |
| Vacancy Rate | 35.9% | 15.2% | 10.6% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Key Biscayne has a homeownership rate of 43.4%, lower than the Florida average of 57.1%. Its housing vacancy rate is 35.9%, compared with 15.2% in Florida.
Housing Stock
| Metric | Key Biscayne | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.76 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1978 | 1987 | 1978 |
| Median Number of Rooms | 4.4 | 5.2 | 5.5 |
The typical housing unit in Key Biscayne was built around 1978. On average, 2.8 people live in a home with about 4.4 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Key Biscayne, Florida.
What is the median home price in Key Biscayne, Florida?
The median home price in Key Biscayne, Florida is $2,000,000, higher than the Florida average of $293,727.
What is the average home price in Key Biscayne, 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 Key Biscayne, Florida?
The median gross rent in Key Biscayne, Florida is $3,500 per month, higher than the Florida average of $1,564.
What was the median gross rent in Key Biscayne in 2020?
In 2020, the median gross rent in Key Biscayne, Florida was $2,597 per month.
What is the price-to-rent ratio in Key Biscayne, Florida?
The price-to-rent ratio in Key Biscayne, Florida is about 47.6, meaning it would take roughly 47.6 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 Key Biscayne.
Are home prices or rent rising faster in Key Biscayne, Florida?
Both home prices and rent are rising in Key Biscayne, up about 15.8% and 5.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Key Biscayne, Florida?
43.4% of households in Key Biscayne, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in Key Biscayne, Florida?
The housing vacancy rate in Key Biscayne, Florida is 35.9%, higher than the Florida average of 15.2%.