Greater Miami, FL Home Buying Guide

Planning a move to Greater Miami, FL? Our home buying guide gives you unparalleled data on the area, so you can make an informed decision.


Average House Prices in Greater Miami

Home budget is probably the most important factor in deciding where to live in any area. The average median price for a city in the Miami area is $475.4k, compared to a national median sale price of $428.7k. This, of course, makes this area more expensive than average, so most families in the Miami area will want to the price of the city they live in into consideration.

Your Budget

Before deciding where to live, it will be helpful to have a range in mind for your home budget, and to look for a city whose median home price is close to that range. Our Buying Power calculator (based on a 30-year fixed-rate mortgage) can help you decide what your budget should be.

The median household income in the Miami area is $56,386 so we've set up our calculator to start out showing the budget caculation for a hypothetical family with this income.

How much do you make?
Annual Income
Your total household income, pre-tax.
How much do you have saved?
The total amount in cash and investments that you have available to use for your down payment.
What’s your credit score, roughly?
Your credit score affects the interest rate you'll pay on your mortgage, with a higher score often meaning a lower rate.

Your buying power is

$228k - $252k
What you're paying monthly
$706 + $286 /mo
Where your money is going (monthly payment breakdown)
Principal & interest
$706
Property Taxes
$178
Homeowner's Insurance
$108
Monthly HOA Fee
$0
Like what you see? You can get prequalified for a home loan at this amount in just under 3 minutes! We'll make it easy. We promise.
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Median price by city

Let's compare this budget as shown by the dotted line to the median prices in each major neighborhood and county in the Miami area:

Median price by county

Market Conditions

Seller's Markets

This maps shows zipcodes where there's been a “seller's market” in real estate over the last few months according to ZeroDown data. That means homes have been selling quickly, getting a lot of offers, and selling for above list price. The redder the area on the map, the hotter the market has been for sellers.

This can give you some idea of the level of competition you'll face as a buyer. It's often frusterating to be a buyer in a seller's market, since you may get outbid. On the other hand, it can be some indication that you are buying into an area that will be desirable going forward and therefore a good investment.

Homes sold in hot markets

Looking at volume in homes sold per 100k population gives an another view of the market conditions near Miami. While high sales volume is often a indicator of a seller's market, it's not a strict relationship, since sales numbers are an indication both of supply and of demand. In the last few months, in fact, the relationship has been reversed in the Miami area.

Are homes in Greater Miami a good investment?

Price Growth

Price Growth in the Last Year

Price Growth vs Distance to Miami

Prices have grown by 16.8% in the average city in the Miami area over the last year, which is a smaller increase than the national average of about 20%. This year, the outer suburbs won out over the city center, since cities that are far away from Miami had slightly higher growth than the inner suburbs.

Price Growth in Expensive Cities

This chart gives shows where prices are high near Miami, and where they are increasing (or falling) the most. Often, less expensive areas get more expensive when a city is growing, whereas more expensive areas get more expensive in a hot national housing market. This year, price gaps got even wider as more expensive cities had higher price growth than the less expensive ones.

Rental Income

Rent and Home Price

Average median rent in the Miami area is $1.45k. As you would expect, rents and sale prices have a strong correlation in the Miami area. The ratio between the value of a home and the amount that can be made by renting it is a strong indicator of how good an investment the home is as a rental property. Thus, cities above the dotted line in this plot may be more attractive for this purpose than those below.

Percent of Renters

On average, 41.2% percent of people in Miami cities rent. In the plot above, we see the both where rents are high and where more people tend to rent near Miami. This is actually (perhaps surprisingly) a negative relationship not only here but in almost all metro areas, because people are more likely to rent in poorer areas, and in areas with younger people without families, who tend to rent smaller and cheaper homes.

Commute Times

This map visualizes commute time by car to Miami, with areas that have shorter commutes shown in green and longer commutes shown in orange.

Driving Time to Miami

As you might expect, homes near Miami tend to get more expensive as you get closer to Miami, with every 10 minutes of driving time costing about $31 per square foot in home price. This is a relatively low price premium for centrality compared to many metro areas nationwide, however.

Driving Time to Fort Lauderdale

Homes near Fort Lauderdale on the other hand tend to cost slightly less in this area. A home which is 10 minutes closer to Fort Lauderdalewill sell for about $14 less per square foot on average.

What part of Greater Miami has the best schools?

School Quality vs Price

People generally want to send their children to the best school they can, so school quality is a major driver of home prices across the United States. It's no different in the Miami area, with homes in a given city being $307.49k more expensive on average for every one step up in grade (e.g. from a B to a B+), or $922.48k for a whole letter grade. Yikes!

School Quality vs Distance to Miami

In many metro areas, there is a trade-off between school quality and proximity to the urban center, but near Miami, the schools actually tend to be significantly better as you get closer to Miami. Overall, the average letter grade for schools in the Miami area is a B- .This is in line with the national average for metro areas which is between a B and a B-.

Demographics in Greater Miami

Population Density

This map gives an idea of where most of the people near Miami live. Darker areas correpond to higher population densities. Population density one of the most important factors for showing the type of place a city or neighborhood is, since it relates both to the home size and lot size of the typical home in a the area, and the availability and density of homes, businesses, schools, roads, transit, and almost everything else.

Age vs Income

Since most people tend to earn more money as they progress in their careers, in most areas of the country, there's a strong relationship between the average age of a given city and its average income, and the Miami is no exception. Being above the dotted line in this graph can be taken as a sign of prosperity relative to this region as a whole.

Families

Many people with kids will naturally want to live in cities where other families are living. We can get a sense of which cities near Miami these are by looking both at the number of people younger than 14, and the average houshold size. Cities towards the top right of this graph are the ones where many of your neighbors will be raising families, whereas towards the lower left are the cities with the most single people and couples without kids.

Most walkable places to live in Greater Miami

This map shows the walkable zip codes in the Miami, with the more walkable neighborhoods shown in darker colors of green.

Walk Score vs Density

Denser cities tend to have a significant advantage in walkability just because things tend to be closer together. But, there are many other factors like the presence of mixed-use neighborhoods rather than purely residential neighborhoods and the existence of sidewalks that contribute to walkability.

People Without Cars

Another way to look at walkability is to ask how many people in a given city actually manage to get by without a car. The plot above shows two different ways of measuring this, showing the percent of households near Miami with a vehicle on the X axis, and the percent of commuters who drive to work alone on the Y axis. The cities towards the lower left of this plot can be considered most walkable by these measures.

Greater Miami Political Map

This map shows the precint-level voting results in the Miami area for the 2020 presidential election, with darker redder areas voting more for Trump, and darker blue ares voting more for Biden. You can see above your potential neighbors voted at a very granual level by zooming in.

Trump Vote vs Distance to Miami

The general pattern in American metro areas is that the city center is blue, and the suburbs get redder and redder as you go out away from it. This relationship doesn't hold however in the Miami area, perhaps reflecting that Miami isn't quite a typical urban center. In any case, if you care about the political alignment of the community you're thinking of moving to, you may want to find it on the graph above.

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