Fewer and fewer Americans have been buying homes over the last decade. Today, just 63.0% of Americans own their homes, the smallest share since 1965. In the Miami-Fort Lauderdale-West Palm Beach metro area, 58.5% of residents own their homes, lower than the national homeownership rate and the third lowest of any metro area in Florida.
Young Americans are far less likely to own a home than older citizens, who have more savings and less mobility. Despite the low homeownership rate in the Miami metro area, the population is relatively old. The typical Miami resident is 40.9 years old, higher than the national median age of 37.8 years.
One of the main factors affecting homeownership is the relative mobility of area families. Residents of dense, urban cities are often less likely to buy a home than those in rural areas, which tend to have less outbound migration and whose residents are consequently more likely to invest in a home. There are 10,053 residents per square mile in Miami, a greater population density than the average of 6,088 Americans per square mile across all U.S. metro areas.
While homeownership requires a higher level of financial stability than rental housing does, cities with more homeowners are often less wealthy. Educated, wealthy Americans are often more likely to move from their hometowns to pursue professional opportunities. Such families often delay buying a home and will rent for longer periods of time.
In Miami, 30.9% of adults have at least a bachelor’s degree, a share roughly equivalent to the national college attainment rate of 30.6% of adults. The typical worker earns $28,523 a year, less than the national median annual earnings of $31,394.
|9||Ocean City, NJ||76.5%|
|8||Bay City, MI||76.9%|
|7||Sebastian-Vero Beach, FL||77.0%|
|6||East Stroudsburg, PA||77.3%|
|5||Barnstable Town, MA||77.4%|
|2||Homosassa Springs, FL||81.4%|
|1||The Villages, FL||90.4%|