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 | Miami Beach | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $397,320 | $293,727 | $242,182 |
| Price Trend (Annual %) | 1.3% | 12.0% | 8.2% |
| Median Gross Rent | $1,747 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.5% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Miami Beach is about 35% higher than in Florida. Rent is about 12% 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 Miami Beach, up about 1.3% and 5.5% a year respectively. Rent is changing faster.
Median rent in Miami Beach rose about 52.1% between 2015 and 2023, from $1,149 to $1,747. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 5.9 yearly household incomes in Miami Beach.
Buying the median-priced home in Miami Beach costs roughly 19.0 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 Miami Beach. The price-to-rent ratio in Florida is about 15.7.
| Metric | Miami Beach | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $397,320 | $293,727 | $242,182 |
| Median Household Income | $67,698 | $71,865 | $78,145 |
| Price-to-Income Ratio | 5.9 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Miami Beach rose about 36.8%, while median household income rose about 60.0% 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 | Miami Beach | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 26.5% | 57.1% | 58.2% |
| Rental Rate | 40.6% | 27.7% | 31.3% |
| Vacancy Rate | 32.9% | 15.2% | 10.6% |
| Median Tenure (years) | 10.0 | 13.0 | 15.0 |
| Median Year Moved In | 2016 | 2013 | 2011 |
Miami Beach has a homeownership rate of 26.5%, lower than the Florida average of 57.1%. Its housing vacancy rate is 32.9%, compared with 15.2% in Florida.
Housing Stock
| Metric | Miami Beach | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 1.99 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1966 | 1987 | 1978 |
| Median Number of Rooms | 3.1 | 5.2 | 5.5 |
The typical housing unit in Miami Beach was built around 1966. On average, 2.0 people live in a home with about 3.1 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Miami Beach, Florida.
What is the median home price in Miami Beach, Florida?
The median home price in Miami Beach, Florida is $397,320, higher than the Florida average of $293,727.
What is the average home price in Miami Beach, 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 Miami Beach, Florida?
The median gross rent in Miami Beach, Florida is $1,747 per month, higher than the Florida average of $1,564.
What was the median gross rent in Miami Beach in 2020?
In 2020, the median gross rent in Miami Beach, Florida was $1,446 per month.
What is the price-to-rent ratio in Miami Beach, Florida?
The price-to-rent ratio in Miami Beach, Florida is about 19.0, meaning it would take roughly 19.0 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 Miami Beach.
Are home prices or rent rising faster in Miami Beach, Florida?
Both home prices and rent are rising in Miami Beach, up about 1.3% and 5.5% a year respectively. Rent is changing faster.
What is the homeownership rate in Miami Beach, Florida?
26.5% of households in Miami Beach, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in Miami Beach, Florida?
The housing vacancy rate in Miami Beach, Florida is 32.9%, higher than the Florida average of 15.2%.