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 62,435 people, 18,302 houses or apartments, and a median cost of homes of $191,594, North Miami real estate prices are well above average cost compared to national prices.
Large apartment complexes or high rise apartments are the single most common housing type in North Miami, accounting for 51.57% of the city's housing units. Other types of housing that are prevalent in North Miami include single-family detached homes ( 39.10%), duplexes, homes converted to apartments or other small apartment buildings ( 5.75%), and a few row houses and other attached homes ( 3.42%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.
People in North Miami primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. North Miami 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. North Miami's housing was primarily built during this period, from the '40s through the '60s. A full 65.81% of the city's housing hails from this era. Other housing ages represented in North Miami include homes built between 1970-1999 ( 29.25%) and housing constructed between 2000 and later ( 3.38%). There's also some housing in North Miami built before 1939 ( 1.55%).
Vacant housing appears to be an issue in North Miami. Fully 14.09% of the housing stock is classified as vacant. Left unchecked, vacant North Miami homes and apartments can be a drag on the real estate market, holding North 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.
North Miami's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in North Miami during the period has been just -1.58%, which is lower than 80% of US communities.
Appreciation rates are so strong in North Miami that despite a nationwide downturn in the housing market, North Miami real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, North Miami appreciation rates continue to be some of the highest in America, at 8.17%, which is higher than appreciation rates in 87.56% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in North Miami. North Miami appreciation rates in the latest quarter were at 1.80%, which equates to an annual appreciation rate of 7.39%.
Importantly, this makes North Miami one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Florida, our data show that North Miami's latest annual appreciation rate is lower than 50% 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 North Miami differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in North 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 North Miami real estate investment or home purchase decisions.
|$1,069,001 - $1,425,000||1.4|
|$712,001 - $1,069,000||2.0|
|$570,001 - $712,000||1.4|
|$427,001 - $570,000||4.3|
|$285,001 - $427,000||14.8|
|$143,001 - $285,000||44.9|
|$71,001 - $143,000||21.9|
|$0 - $71,000||8.1|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF North Miami HOMES|
|2000 or Newer||3.4|
|1970 - 1999||29.2|
|1940 - 1969||65.8|
|1939 or Older||1.6|
|TYPE OF North Miami HOMES|
|Small Apt. Buildings||5.8|
|SIZE OF North Miami HOMES|
|5 or more bedrooms||1.24|