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 | South Miami Heights | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $571,777 | $293,727 | $242,182 |
| Price Trend (Annual %) | 27.8% | 12.0% | 8.2% |
| Median Gross Rent | $1,468 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.2% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in South Miami Heights is about 95% higher than in Florida. Rent is about 6% 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 South Miami Heights, up about 27.8% and 5.2% a year respectively. Home prices are changing faster.
Median rent in South Miami Heights rose about 49.6% between 2015 and 2023, from $981 to $1,468. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 8.8 yearly household incomes in South Miami Heights.
Buying the median-priced home in South Miami Heights costs roughly 32.5 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 South Miami Heights. The price-to-rent ratio in Florida is about 15.7.
| Metric | South Miami Heights | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $571,777 | $293,727 | $242,182 |
| Median Household Income | $64,796 | $71,865 | $78,145 |
| Price-to-Income Ratio | 8.8 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in South Miami Heights rose about 366.2%, while median household income rose about 57.4% 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 | South Miami Heights | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.9% | 57.1% | 58.2% |
| Rental Rate | 35.3% | 27.7% | 31.3% |
| Vacancy Rate | 3.8% | 15.2% | 10.6% |
| Median Tenure (years) | 16.0 | 13.0 | 15.0 |
| Median Year Moved In | 2010 | 2013 | 2011 |
South Miami Heights has a homeownership rate of 60.9%, higher than the Florida average of 57.1%. Its housing vacancy rate is 3.8%, compared with 15.2% in Florida.
Housing Stock
| Metric | South Miami Heights | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.13 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1979 | 1987 | 1978 |
| Median Number of Rooms | 5.1 | 5.2 | 5.5 |
The typical housing unit in South Miami Heights was built around 1979. On average, 3.1 people live in a home with about 5.1 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in South Miami Heights, Florida.
What is the median home price in South Miami Heights, Florida?
The median home price in South Miami Heights, Florida is $571,777, higher than the Florida average of $293,727.
What is the average home price in South Miami Heights, 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 South Miami Heights, Florida?
The median gross rent in South Miami Heights, Florida is $1,468 per month, lower than the Florida average of $1,564.
What was the median gross rent in South Miami Heights in 2020?
In 2020, the median gross rent in South Miami Heights, Florida was $1,225 per month.
What is the price-to-rent ratio in South Miami Heights, Florida?
The price-to-rent ratio in South Miami Heights, Florida is about 32.5, meaning it would take roughly 32.5 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 South Miami Heights.
Are home prices or rent rising faster in South Miami Heights, Florida?
Both home prices and rent are rising in South Miami Heights, up about 27.8% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in South Miami Heights, Florida?
60.9% of households in South Miami Heights, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in South Miami Heights, Florida?
The housing vacancy rate in South Miami Heights, Florida is 3.8%, lower than the Florida average of 15.2%.