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These days, finding an affordable place to live in the Miami area can be challenging. Home prices in Miami are now at a median cost of $492,262, higher than the Florida average of $396,783.
The average cost of rent is $2,112/mo in Miami, primarily driven by the current value of real estate in the Miami area. In Miami, 39.48% of households rent, and 42.67% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Miami is $7,495 per month. Households that rent pay about 28.18% of their income on rent here. Miami’s most expensive areas are in the southeastern regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Shenandoah, FL: higher priced homes
- West Miami, FL: less expensive homes
- Coral Gables, FL: higher priced homes
- Brownsville, FL: less expensive homes
- Virginia Gardens, FL: equally priced homes
- Coral Terrace, FL: higher priced homes
- Miami Springs, FL: higher priced homes
- Gladeview, FL: less expensive homes
- South Miami, FL: higher priced homes
- Westchester, FL: equally priced homes
Cities with Similar Populations
- Kissimmee, FL: less expensive homes
- Iowa City, IA: less expensive homes
- Kennewick, WA: less expensive homes
- Kenosha, WI: less expensive homes
- Inglewood, CA: higher priced homes
- Houston, TX: less expensive homes
- Idaho Falls, ID: less expensive homes
- Keller, TX: equally priced homes
- Irving, TX: less expensive homes
- Killeen, TX: less expensive homes
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