Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 92,312, 43,266 total housing units (homes and apartments), and a median house value of $461,232, Miami Beach house prices are not only among the most expensive in Florida, Miami Beach real estate also is some of the most expensive in all of America.
Large apartment complexes or high rise apartments are the single most common housing type in Miami Beach, accounting for 82.80% of the city's housing units. Other types of housing that are prevalent in Miami Beach include single-family detached homes ( 9.72%), duplexes, homes converted to apartments or other small apartment buildings ( 5.70%), and a few row houses and other attached homes ( 1.54%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.
People in Miami Beach primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Miami Beach has a mixture of owner-occupied and renter-occupied housing.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Miami Beach's housing was primarily built during this period, from the '40s through the '60s. A full 47.28% of the city's housing hails from this era. Other housing ages represented in Miami Beach include homes built between 1970-1999 ( 28.86%) and housing constructed between 2000 and later ( 12.01%). There's also some housing in Miami Beach built before 1939 ( 11.85%).
Vacant housing appears to be an issue in Miami Beach. Fully 36.47% of the housing stock is classified as vacant. Left unchecked, vacant Miami Beach homes and apartments can be a drag on the real estate market, holding Miami Beach real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Appreciation rates for homes in Miami Beach have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 7.03%, which ranks in the top 40% nationwide. This equates to an annual average Miami Beach house appreciation rate of 0.68%.
Appreciation rates are so strong in Miami Beach that despite a nationwide downturn in the housing market, Miami Beach real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Miami Beach appreciation rates continue to be some of the highest in America, at 8.18%, which is higher than appreciation rates in 83.74% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Miami Beach. Miami Beach appreciation rates in the latest quarter were at 2.75%, which equates to an annual appreciation rate of 11.48%.
Relative to Florida, our data show that Miami Beach's latest annual appreciation rate is lower than 60% of the other cities and towns in Florida.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Miami Beach differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Miami Beach - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Miami Beach real estate investment or home purchase decisions.
|$1,053,001 - $1,404,000||6.0|
|$702,001 - $1,053,000||10.4|
|$562,001 - $702,000||9.1|
|$421,001 - $562,000||15.0|
|$281,001 - $421,000||18.7|
|$140,001 - $281,000||17.9|
|$70,001 - $140,000||7.3|
|$0 - $70,000||2.2|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
2000 Q1 - 2017 Q2
|* 10 is highest|
|AGE OF Miami Beach HOMES|
|2000 or Newer||12.0|
|1970 - 1999||28.9|
|1940 - 1969||47.3|
|1939 or Older||11.9|
|TYPE OF Miami Beach HOMES|
|Small Apt. Buildings||5.7|
|SIZE OF Miami Beach HOMES|
|5 or more bedrooms||1.84|