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 | North Miami Beach | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $860,357 | $293,727 | $242,182 |
| Price Trend (Annual %) | 36.8% | 12.0% | 8.2% |
| Median Gross Rent | $1,608 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.5% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in North Miami Beach is about 193% higher than in Florida. Rent is about 3% 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 North Miami Beach, up about 36.8% and 6.5% a year respectively. Home prices are changing faster.
Median rent in North Miami Beach rose about 61.9% between 2015 and 2023, from $993 to $1,608. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 15.0 yearly household incomes in North Miami Beach.
Buying the median-priced home in North Miami Beach costs roughly 44.6 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 North Miami Beach. The price-to-rent ratio in Florida is about 15.7.
| Metric | North Miami Beach | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $860,357 | $293,727 | $242,182 |
| Median Household Income | $57,523 | $71,865 | $78,145 |
| Price-to-Income Ratio | 15.0 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in North Miami Beach rose about 507.9%, while median household income rose about 36.5% 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 | North Miami Beach | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 44.6% | 57.1% | 58.2% |
| Rental Rate | 41.0% | 27.7% | 31.3% |
| Vacancy Rate | 14.5% | 15.2% | 10.6% |
| Median Tenure (years) | 14.0 | 13.0 | 15.0 |
| Median Year Moved In | 2012 | 2013 | 2011 |
North Miami Beach has a homeownership rate of 44.6%, lower than the Florida average of 57.1%. Its housing vacancy rate is 14.5%, compared with 15.2% in Florida.
Housing Stock
| Metric | North Miami Beach | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.72 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1969 | 1987 | 1978 |
| Median Number of Rooms | 4.0 | 5.2 | 5.5 |
The typical housing unit in North Miami Beach was built around 1969. On average, 2.7 people live in a home with about 4.0 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in North Miami Beach, Florida.
What is the median home price in North Miami Beach, Florida?
The median home price in North Miami Beach, Florida is $860,357, higher than the Florida average of $293,727.
What is the average home price in North 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 North Miami Beach, Florida?
The median gross rent in North Miami Beach, Florida is $1,608 per month, higher than the Florida average of $1,564.
What was the median gross rent in North Miami Beach in 2020?
In 2020, the median gross rent in North Miami Beach, Florida was $1,219 per month.
What is the price-to-rent ratio in North Miami Beach, Florida?
The price-to-rent ratio in North Miami Beach, Florida is about 44.6, meaning it would take roughly 44.6 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 North Miami Beach.
Are home prices or rent rising faster in North Miami Beach, Florida?
Both home prices and rent are rising in North Miami Beach, up about 36.8% and 6.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in North Miami Beach, Florida?
44.6% of households in North Miami Beach, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in North Miami Beach, Florida?
The housing vacancy rate in North Miami Beach, Florida is 14.5%, lower than the Florida average of 15.2%.