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Miami-Dade County · Florida

Miami, FL housing costs

What a home costs to buy and to rent here, how old the housing stock is, and how much of a paycheck rent takes — all from Census ACS 5-year estimates.

A hand holding a house key outdoors, illustrating local housing and home value data

Quick answer

The median home in Miami, FL is worth $475,200 and median gross rent is $1,657 a month. That is 57% above the national median home value of $303,400. 30.7% of occupied homes are owner-occupied, against 65% nationally.

Median home value
$475,200#20 of 94 metros
Median gross rent
$1,657/mo#19 of 94 metros
Owner-occupied
30.7%US average 65%
Median year built
1978Half the homes here are older than this

Can a median household here buy a median home?

Price-to-income is the plainest affordability yardstick there is.

Miami's median household earns $54,858 a year while the median home is worth $475,200. That is a price-to-income ratio of 8.7×, against roughly 3.9× nationally. Lenders have historically treated anything above 4× as stretched. Renters at the median put 36.3% of household income into gross rent; 30% is the federal threshold for “cost-burdened”.

Related data for Miami

The same household, seen from three angles.

Source: US Census Bureau, American Community Survey 5-year estimates

Tables B25077, B25064, B25003, B25035 and B25071, 2019-2023 ACS 5-year, Census place 1,245,000. Values are place-level, not metro-area-wide.

Other Miami datasets on this site.

Statewide: Florida cities · Florida ZIP codes · Florida sales tax · Florida counties