Miami, FL
Miami-Dade County · Pop. 449,514
Ranked #233 of 243 cities
14Crisis
Median Home Price
🏠$580K
5.5% YoY
Median Rent
🔑$2,200
4.5% YoY
Median Income
💰$48K
Rent Burden
📊45.0%
% of income to rent
Income to Buy
🏦$167K
annual income needed
Income to Rent
📝$88K
annual income needed
Price-to-Income
⚖️12.1x
Homeownership
🏡30.0%
Rent vs. Buy
Buy
$3,087/mo
Est. mortgage (7%, 20% down)
Need $167K/yr income
Rent
$2,200/mo
Median rent
Need $88K/yr income
How Miami Compares
| Metric | Miami | Florida | National |
|---|---|---|---|
| Home Price | $580K | $381K | $410K |
| Rent | $2,200 | $1,719 | $1,500 |
| Income | $48K | $73K | $75K |
| Rent Burden | 45.0% | 37.8% | 30.0% |
Key Takeaways
- • Home prices in Miami are 41% higher than the national average.
- • Rent is 47% higher than the national average.
- • You need an income of $167K to comfortably buy a home here.
- • The homeownership rate is 30.0%, compared to 65.0% nationally.