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 | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $577,238 | $293,727 | $242,182 |
| Price Trend (Annual %) | 10.0% | 12.0% | 8.2% |
| Median Gross Rent | $1,659 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 7.6% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Miami is about 97% higher than in Florida. Rent is about 6% 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, up about 10.0% and 7.6% a year respectively. Home prices are changing faster.
Median rent in Miami rose about 70.8% between 2015 and 2023, from $971 to $1,659. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 9.7 yearly household incomes in Miami.
Buying the median-priced home in Miami costs roughly 29.0 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 Miami. The price-to-rent ratio in Florida is about 15.7.
| Metric | Miami | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $577,238 | $293,727 | $242,182 |
| Median Household Income | $59,386 | $71,865 | $78,145 |
| Price-to-Income Ratio | 9.7 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Miami rose about 122.6%, while median household income rose about 95.9% 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 | Miami | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 26.6% | 57.1% | 58.2% |
| Rental Rate | 59.7% | 27.7% | 31.3% |
| Vacancy Rate | 13.6% | 15.2% | 10.6% |
| Median Tenure (years) | 11.0 | 13.0 | 15.0 |
| Median Year Moved In | 2015 | 2013 | 2011 |
Miami has a homeownership rate of 26.6%, lower than the Florida average of 57.1%. Its housing vacancy rate is 13.6%, compared with 15.2% in Florida.
Housing Stock
| Metric | Miami | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.30 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1978 | 1987 | 1978 |
| Median Number of Rooms | 3.8 | 5.2 | 5.5 |
The typical housing unit in Miami was built around 1978. On average, 2.3 people live in a home with about 3.8 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Miami, Florida.
What is the median home price in Miami, Florida?
The median home price in Miami, Florida is $577,238, higher than the Florida average of $293,727.
What is the average home price in Miami, 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, Florida?
The median gross rent in Miami, Florida is $1,659 per month, higher than the Florida average of $1,564.
What was the median gross rent in Miami in 2020?
In 2020, the median gross rent in Miami, Florida was $1,241 per month.
What is the price-to-rent ratio in Miami, Florida?
The price-to-rent ratio in Miami, Florida is about 29.0, meaning it would take roughly 29.0 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 Miami.
Are home prices or rent rising faster in Miami, Florida?
Both home prices and rent are rising in Miami, up about 10.0% and 7.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Miami, Florida?
26.6% of households in Miami, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in Miami, Florida?
The housing vacancy rate in Miami, Florida is 13.6%, lower than the Florida average of 15.2%.