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 Gardens | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $368,892 | $293,727 | $242,182 |
| Price Trend (Annual %) | 23.1% | 12.0% | 8.2% |
| Median Gross Rent | $1,636 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.1% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Miami Gardens is about 26% higher than in Florida. Rent is about 5% 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 Gardens, up about 23.1% and 6.1% a year respectively. Home prices are changing faster.
Median rent in Miami Gardens rose about 51.6% between 2015 and 2023, from $1,079 to $1,636. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 6.1 yearly household incomes in Miami Gardens.
Buying the median-priced home in Miami Gardens costs roughly 18.8 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 Gardens. The price-to-rent ratio in Florida is about 15.7.
| Metric | Miami Gardens | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $368,892 | $293,727 | $242,182 |
| Median Household Income | $60,238 | $71,865 | $78,145 |
| Price-to-Income Ratio | 6.1 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Miami Gardens rose about 296.5%, while median household income rose about 44.4% 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 Gardens | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.6% | 57.1% | 58.2% |
| Rental Rate | 34.9% | 27.7% | 31.3% |
| Vacancy Rate | 5.5% | 15.2% | 10.6% |
| Median Tenure (years) | 17.0 | 13.0 | 15.0 |
| Median Year Moved In | 2009 | 2013 | 2011 |
Miami Gardens has a homeownership rate of 59.6%, higher than the Florida average of 57.1%. Its housing vacancy rate is 5.5%, compared with 15.2% in Florida.
Housing Stock
| Metric | Miami Gardens | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.13 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1972 | 1987 | 1978 |
| Median Number of Rooms | 5.2 | 5.2 | 5.5 |
The typical housing unit in Miami Gardens was built around 1972. On average, 3.1 people live in a home with about 5.2 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Miami Gardens, Florida.
What is the median home price in Miami Gardens, Florida?
The median home price in Miami Gardens, Florida is $368,892, higher than the Florida average of $293,727.
What is the average home price in Miami 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 Miami Gardens, Florida?
The median gross rent in Miami Gardens, Florida is $1,636 per month, higher than the Florida average of $1,564.
What was the median gross rent in Miami Gardens in 2020?
In 2020, the median gross rent in Miami Gardens, Florida was $1,279 per month.
What is the price-to-rent ratio in Miami Gardens, Florida?
The price-to-rent ratio in Miami Gardens, Florida is about 18.8, meaning it would take roughly 18.8 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 Gardens.
Are home prices or rent rising faster in Miami Gardens, Florida?
Both home prices and rent are rising in Miami Gardens, up about 23.1% and 6.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Miami Gardens, Florida?
59.6% of households in Miami Gardens, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Miami Gardens, Florida?
The housing vacancy rate in Miami Gardens, Florida is 5.5%, lower than the Florida average of 15.2%.