A typical home in the Miami-Fort Lauderdale-West Palm Beach, Florida metro area costs $241,700, more than the national median home value of $194,500.
The median home value in Miami is also higher than in Florida as a whole, where the typical home is worth $179,800. Miami’s median home value is also the third highest of any metro area in the state.
Residents of areas with more expensive real estate also tend to have relatively high incomes. In Miami, the typical household earns $50,441 annually, roughly the same as the $49,426 median household income statewide and similar to the $55,775 national figure. Miami has the ninth highest median household income of any Florida metro area.
Home values tend to be higher in dense, urban areas, where space is limited and land is more expensive as a result. The priciest homes in the country are in cities along the East and West Coast, where population density is also among the highest nationwide. In the Miami-Fort Lauderdale-West Palm Beach metro area, there are 1,096 people per square mile, far greater than the average urban population density of 283 Americans per square mile across all metro areas nationwide. Miami has the second highest population density of any Florida metro area.
Home values in the metro area may also be augmented by the health of the local job market. People often relocate for occupational reasons, and an area with lower unemployment is more likely to have more expensive real estate. The Miami-Fort Lauderdale-West Palm Beach metro area’s unemployment rate was 4.6% as of August 2016, lower than the 4.9% jobless rate nationwide.
Improved unemployment among the Miami-Fort Lauderdale-West Palm Beach workforce over the last five years — like most of the country — may have helped increase home values as a result. Since August 2011, the Miami unemployment rate has fallen by 4.9 percentage points. Over the same period, home values in the metro area increased by 38.9%. Nationwide, the unemployment rate improved by 4.1 percentage points as the median home value increased by 12.0%.
Areas with high home values are often fairly well-educated. In addition to the better-paying jobs that educated residents often hold, the presence of good schools and universities are likely to increase demand for nearby homes. In Miami, 30.9% of adults have at least a bachelor’s degree, a share roughly equivalent to the 30.6% of Americans with similar education nationwide.
|10||Santa Rosa, CA||$512,100|
|9||Oxnard-Thousand Oaks-Ventura, CA||$528,700|
|8||Los Angeles-Long Beach-Anaheim, CA||$540,600|
|7||Santa Maria-Santa Barbara, CA||$547,600|
|4||Urban Honolulu, HI||$629,900|
|3||Santa Cruz-Watsonville, CA||$668,300|
|2||San Francisco-Oakland-Hayward, CA||$718,400|
|1||San Jose-Sunnyvale-Santa Clara, CA||$823,700|