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 about Scout's Real Estate Data
With a population of 439,890, 181,597 total housing units (homes and apartments), and a median house value of $508,043, real estate costs in Miami are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Florida communities.
Large apartment complexes or high rise apartments are the single most common housing type in Miami, accounting for 58.53% of the city's housing units. Other types of housing that are prevalent in Miami include single-family detached homes ( 24.70%), row houses and other attached homes ( 8.58%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.55%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.
Miami is dominated by renter-occupied one, two, or no bedrooms apartments. 70.60% of Miami's dwellings are rentals.
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's housing was primarily built during this period, from the '40s through the '60s. A full 34.31% of the city's housing hails from this era. Other housing ages represented in Miami include homes built between 2000 and later ( 29.66%) and housing constructed between 1970-1999 ( 26.91%). There's also some housing in Miami built before 1939 ( 9.12%).
Vacant housing appears to be an issue in Miami. Fully 13.97% of the housing stock is classified as vacant. Left unchecked, vacant Miami homes and apartments can be a drag on the real estate market, holding Miami 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.
In the last 10 years, Miami has experienced some of the highest home appreciation rates of any community in the nation. Miami real estate appreciated 188.09% over the last ten years, which is an average annual home appreciation rate of 11.16%, putting Miami in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Miami definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Miami that despite a nationwide downturn in the housing market, Miami real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Miami appreciation rates continue to be some of the highest in America, at 12.96%, which is higher than appreciation rates in 91.72% 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. Miami appreciation rates in the latest quarter were at -0.43%, which equates to an annual appreciation rate of -1.71%.
Relative to Florida, our data show that Miami's latest annual appreciation rate is higher 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 differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Miami - 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 real estate investment or home purchase decisions.
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