Real Estate in Miami, FL
Updated 2026 • Housing market data from 71 zip codes • Redfin data through January 2026
📊 Miami, FL Market Activity
The Miami housing market shows a median sale price of $580,000, 1.0% higher than last year. The price per square foot is $404, 404% above the national median of ~$215/sqft, down -2.0% year-over-year. Homes in Miami spend a median of 108 days on market, longer than the national median of 42 days — giving buyers more negotiation room.
🏘️ Miami Rental Market
The average rent in Miami, FL is $3,741 per month. A 2-bedroom apartment rents for approximately $2,800/month, while a 3-bedroom home averages $4,118/month.
📦 Miami Housing Supply & Demand
There are 5,199 new listings and 8,903 active properties on the market.
🏆 Miami Market Competitiveness
Homes in Miami sell for an average of 95.0% of their asking price. About 9% of properties sell above list price, indicating relatively low bidding pressure.
On average, homes sell for 95.0% of the asking price
9% of sales closed above asking, % at or below
📋 Housing Overview
Miami, FL Housing Market Insights
Delve into the specifics of the real estate market in this area. Understanding key metrics such as the median home price of 640495, the balance between renting (70%) and owning (30%), and a population of 449514 provides valuable insights for potential buyers, sellers, and investors. It is important to note that neighborhood characteristics can vary drastically, and decisions should not solely rely on data available without visiting. Many factors can differ, so do consider inspecting areas in-person to avoid potential mismatches in choice.
Rent vs. Buy Analysis
With a median home price of $640,495 and average rents of $3,741/month, the median household income of $54,858 provides context for affordability in Miami. Whether you're looking to buy property in Miami or invest in Miami real estate, understanding the price-to-rent ratio helps determine if renting or owning makes more financial sense for your situation. A 2-bedroom apartment rents for approximately $2,800/month, while a 3-bedroom house averages $4,118/month.
Economy & What Drives Miami Real Estate
Real estate values in Miami, FL are driven by local employment, school quality, and quality of life. The cost of living index of 106.9 (U.S. average = 100) reflects the overall affordability of the area. With a median household income of $54,858, residents have moderate purchasing power. Proximity to major employers, universities, and transportation corridors directly influences home values and demand across Miami neighborhoods.
Pros & Cons
Pros
- •Culinary diversity and cuisine
- •Beautiful beaches and parks
- •Family-friendly attractions available
- •Active outdoor lifestyle options
- •Multilingual population fosters inclusivity
- •Warm weather year-round
- •Vibrant nightlife and entertainment
- •Strong job market in tourism
- •Diverse cultural experiences
- •Rich arts and music scene
Cons
- •Limited public transportation options
- •Humidity can be uncomfortable
- •Racism and social issues persist
- •Cost of living is quite high
- •High crime rates in some areas
- •Hurricanes and tropical storms risk
- •Overcrowded tourist areas
- •Traffic congestion can be severe
- •Seasonal influx of tourists affects locals
- •Public schooling quality varies widely
Frequently Asked Questions
What is the cost of living in Miami, FL? ▼
The cost of living in Miami, FL is 7% higher than the national average, with a cost of living index of 107 (where 100 represents the U.S. average). Housing typically accounts for the largest portion of living expenses. See full cost of living breakdown →
How much does it cost to buy or rent a home in Miami, FL? ▼
In Miami, FL, The median home price is $640,495. requiring approximately $180,106 annual income to afford. Average rent is $3,741/month (requiring ~$149,640/year income). The local median household income is $54,858, making homeownership challenging for typical residents. Explore Miami real estate data →
Is Miami, FL a safe place to live? ▼
Miami, FL is an area where crime rates exceed the national average. The crime rate is 35.0 per 1,000 residents. Safety varies significantly by neighborhood. View detailed Miami crime statistics →
What salary do you need to live comfortably in Miami, FL? ▼
To live comfortably in Miami, FL and afford a median-priced home of $640,495, you would typically need a household income of $160,124 to $200,155 per year. The local median household income is $54,858. Renting requires approximately $149,640/year (at $3,741/month). See full affordability analysis →
Is Miami, FL growing? ▼
Miami, FL has a population of 449,514. As a mid-to-large city, population trends depend on local housing development, job growth, and quality of life factors. The moderately priced housing market and competitive job market shape migration patterns. See Miami population demographics →
What are the best neighborhoods in Miami, FL? ▼
The best neighborhoods in Miami, FL depend on your priorities. For families, look for areas near top-rated schools with lower crime rates. For affordability, neighborhoods farther from the city center tend to offer more affordable options. Explore Miami on our interactive map →
What is the commute like in Miami, FL? ▼
Commute times in Miami, FL vary by neighborhood and workplace location. As a larger metro area, most residents rely on personal vehicles, though public transit options may be available. The moderate cost of living may allow for housing closer to employment centers. Explore commute times on our map →
How are the taxes in Miami, FL? ▼
Tax rates in Miami, FL include state and local components. The cost of living index of 107 reflects a moderate cost environment compared to the national average. View detailed Miami tax information →
How does Miami, FL compare to nearby cities? ▼
Miami, FL offers comparable costs to nearby communities. With a cost of living index of 107, median home prices of $640,495, and a crime rate of 35.01 per 1,000 residents, you can compare these metrics side-by-side. Use the compare feature to evaluate specific cities.
What is the weather like in Miami, FL? ▼
Weather in Miami, FL varies by season. Climate data varies by season. View detailed Miami climate & environment data →
Is it better to rent or buy in Miami, FL? ▼
With a median home price of $640,495 and average rents of $3,741/month, the price-to-rent ratio in Miami is 14.3x. This favors buying, as monthly mortgage payments may be comparable to or lower than rent. See full cost analysis →
What is the price per square foot in Miami, FL? ▼
The median price per square foot in Miami is $404, which is 88% above the national median of ~$215/sqft. This reflects the area's demand, construction costs, and proximity to employment centers.
How fast do homes sell in Miami, FL? ▼
Homes in Miami spend a median of 108 days on market before going under contract. This indicates homes take longer than the national median of 42 days, giving buyers more negotiating room. View full market data →
Explore More About Miami, FL
📅 Last Updated: January 2026
Sources: U.S. Census Bureau, Zillow, Redfin