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 | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $709,371 | $293,727 | $242,182 |
| Price Trend (Annual %) | 36.7% | 12.0% | 8.2% |
| Median Gross Rent | $1,505 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.8% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in North Miami is about 142% higher than in Florida. Rent is about 4% lower 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, up about 36.7% and 5.8% a year respectively. Home prices are changing faster.
Median rent in North Miami rose about 52.5% between 2015 and 2023, from $987 to $1,505. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 13.2 yearly household incomes in North Miami.
Buying the median-priced home in North Miami costs roughly 39.3 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. The price-to-rent ratio in Florida is about 15.7.
| Metric | North Miami | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $709,371 | $293,727 | $242,182 |
| Median Household Income | $53,635 | $71,865 | $78,145 |
| Price-to-Income Ratio | 13.2 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in North Miami rose about 594.8%, while median household income rose about 43.0% 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 | North Miami | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 41.5% | 57.1% | 58.2% |
| Rental Rate | 50.3% | 27.7% | 31.3% |
| Vacancy Rate | 8.2% | 15.2% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
North Miami has a homeownership rate of 41.5%, lower than the Florida average of 57.1%. Its housing vacancy rate is 8.2%, compared with 15.2% in Florida.
Housing Stock
| Metric | North Miami | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.87 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 was built around 1969. On average, 2.9 people live in a home with about 4.0 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in North Miami, Florida.
What is the median home price in North Miami, Florida?
The median home price in North Miami, Florida is $709,371, higher than the Florida average of $293,727.
What is the average home price in North 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 North Miami, Florida?
The median gross rent in North Miami, Florida is $1,505 per month, lower than the Florida average of $1,564.
What was the median gross rent in North Miami in 2020?
In 2020, the median gross rent in North Miami, Florida was $1,180 per month.
What is the price-to-rent ratio in North Miami, Florida?
The price-to-rent ratio in North Miami, Florida is about 39.3, meaning it would take roughly 39.3 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.
Are home prices or rent rising faster in North Miami, Florida?
Both home prices and rent are rising in North Miami, up about 36.7% and 5.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in North Miami, Florida?
41.5% of households in North Miami, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in North Miami, Florida?
The housing vacancy rate in North Miami, Florida is 8.2%, lower than the Florida average of 15.2%.