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 8,317, 3,264 total housing units (homes and apartments), and a median house value of $386,608, real estate costs in North Bay Village 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 North Bay Village, accounting for 88.35% of the city's housing units. Other types of housing that are prevalent in North Bay Village include single-family detached homes ( 10.05%). 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.
North Bay Village is dominated by renter-occupied one, two, or no bedrooms apartments. 65.70% of North Bay Village'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. North Bay Village's housing was primarily built during this period, from the '40s through the '60s. A full 40.08% of the city's housing hails from this era. Other housing ages represented in North Bay Village include homes built between 2000 and later ( 33.85%) and housing constructed between 1970-1999 ( 25.44%).
Vacant housing appears to be an issue in North Bay Village. Fully 26.59% of the housing stock is classified as vacant. Left unchecked, vacant North Bay Village homes and apartments can be a drag on the real estate market, holding North Bay Village 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, North Bay Village has experienced some of the highest home appreciation rates of any community in the nation. North Bay Village real estate appreciated 43.94% over the last ten years, which is an average annual home appreciation rate of 3.71%, putting North Bay Village in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, North Bay Village definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, North Bay Village's appreciation rate, at 6.73%, has been at or slightly above the national average. In the latest quarter, North Bay Village's appreciation rate has been 1.95%, which annualizes to a rate of 8.03%.
Relative to Florida, our data show that North Bay Village's latest annual appreciation rate is lower than 80% of the other cities and towns in Florida.
|$1,007,001 - $1,342,000||6.6|
|$671,001 - $1,007,000||6.9|
|$537,001 - $671,000||13.8|
|$403,001 - $537,000||16.8|
|$269,001 - $403,000||27.0|
|$134,001 - $269,000||16.6|
|$67,001 - $134,000||6.4|
|$0 - $67,000||3.5|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2018 Q2 - 2018 Q3
Last 12 Months:
2017 Q3 - 2018 Q3
Last 2 Years:
2016 Q3 - 2018 Q3
Last 5 Years:
2013 Q3 - 2018 Q3
Last 10 Years:
2008 Q3 - 2018 Q3
2000 Q1 - 2018 Q3
|* 10 is highest|
|AGE OF North Bay Village HOMES|
|2000 or Newer||33.9|
|1970 - 1999||25.4|
|1940 - 1969||40.1|
|1939 or Older||0.6|
|TYPE OF North Bay Village HOMES|
|Small Apt. Buildings||0.3|
|SIZE OF North Bay Village HOMES|
|5 or more bedrooms||0.54|