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City · 459,745 residents · Miami-Dade County, Florida

Miami , Florida

In Miami, a typical home is worth $518,100 and typical rent is $1,758 a month. Compared with all of Miami-Dade County, typical household income is 13% lower, the typical home value is 12% higher, and the share of households that own their home is 21 points lower.

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  • Typical home value

    $518,100

    12% above the county

    44% above Florida

    • Miami
    • Miami-Dade
    • Florida

  • Typical rent

    $1,758a month

    4% below the county

    5% above Florida

    • Miami
    • Miami-Dade
    • Florida

  • Typical household income

    $62,462a year

    13% below the county

    16% below Florida

    • Miami
    • Miami-Dade
    • Florida

  • Households that own their home

    31%

    21 points below the county

    37 points below Florida

    • Miami
    • Miami-Dade
    • Florida

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$583,705
1.4% more than 12 months ago
Typical rent
$2,965 a month
1.3% more than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Miami is in Miami-Dade County. The FHA loan limit ($667,000 for a one-unit home), the fair market rents and the help on this page are those of all of Miami-Dade County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Miami apart

What this place has that others do not, from public data, most unusual first.

  1. Miami has the 4th lowest homeownership rate of the 481 cities in Florida with more than 5,000 people (31%).

  2. Nearby, in Brownsville, the typical home value is $325,200: 37% less than in Miami ($518,100).

  3. Nearby, in Brownsville, the typical rent is $1,252: 29% less than in Miami ($1,758).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Miami

What homes there are in Miami, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

There are more apartments in Miami than in Miami-Dade County: 61% of homes, against 45%.

Year built

In Miami, half of the homes were built before 1979; in Miami-Dade County, before 1980.

Homes in Miami are smaller: 23% have 3 bedrooms or more; in Miami-Dade County, 45%.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

About 64% of owner-occupied homes in Miami are worth less than the FHA loan limit for Miami-Dade County ($667,000); the rest are worth more.

Monthly rent with utilities

By rent, most homes in Miami cost less than HUD's 2-bedroom fair market rent ($2,564): about 79%.

With a mortgage

$2,863 a month

Miami-Dade County: $2,451 a month

Without a mortgage

$858 a month

Miami-Dade County: $815 a month

Owners with a mortgage

57%

Miami-Dade County: 59%

The typical cost for an owner with a mortgage in Miami is $2,863 a month, more than in Miami-Dade County ($2,451); without one, $858.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

The typical home value in Miami rose 63% since 2015–2019, more than in Miami-Dade County (60%).

The typical rent in Miami rose 49% over the same time; in Miami-Dade County, it rose 38%.

The typical household income in Miami rose 60% over that time; home values changed +63% and rent +49%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureMiamiMiami-Dade CountyFloridaUnited States
Rental vacancy 6.5%5.5%7.6%5.5%
Homeowner vacancy 1.4%1.2%1.4%0.9%
More than one person per room 7.3%7.2%3.3%3.4%
People per household 2.322.762.512.53
Drive alone 59%69%70%69%
Carpool 8%9%9%9%
Public transit 7%3%1%3%
Walk or bike 6%3%2%3%
Work from home 16%14%16%15%
Other means 3%2%2%2%
Typical commute 20 to 29 minutes30 to 39 minutes20 to 29 minutes20 to 29 minutes

There is more rental housing open in Miami: 6.5% is empty and offered for rent, against 5.5% in Miami-Dade County.

Much as in Miami-Dade County, 7.3% of households in Miami have more than one person per room.

On average, a household in Miami has 2.32 people, fewer than in Miami-Dade County (2.76).

More people ride a bus or train to work in Miami than in Miami-Dade County: 7% against 3%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Miami?

A typical home costs more than the typical income allows

We start with a typical home in Miami, worth $518,100, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 82% of the typical household income in Miami, which is $62,462 a year. For that payment to be 28% of income, a household would need to earn about $183,236 a year.

The calculator's FHA and conventional loan limits are those of all of Miami-Dade County.

Your numbers

Local data
$

Starts at the typical home value in Miami. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $18,134 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$4,276

at 7.18% · 30 years

Loan amount
$508,715
Total interest
$731,922
Paid off in
November 2056

Includes $8,749 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,457 a month

  • Tight

    $1,457 to $1,874 a month

  • Hard

    more than $1,874 a month

    Your payment · 82%

Compared with the typical household income in Miami ($62,462 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$4,276
Principal & interest$3,446
Property tax$384
Home insurance$216
FHA mortgage insurance (MIP)$229

You need at least $18,134 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Miami and Miami-Dade County

Miami is in Miami-Dade County, Florida. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Miami's own numbers

Typical home value
$518,100
Typical monthly rent
$1,758
Typical yearly household income
$62,462
Households that own their home
31%
Effective property tax rate
0.89%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Miami-Dade County

FHA limit, one-unit home
$667,000
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$2,564
Price change over 5 years (FHFA)
+80%
Homes in a high flood-risk zone
40%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Miami-Dade County.

Everything about Miami-Dade County

Buying

Buying a home in Miami

A typical home in Miami is worth $518,100: 12% above the county and 44% above Florida. With the typical household income in Miami ($62,462 a year), a typical home costs 8.3 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Miami 8.3 years
  • Miami-Dade 6.5 years
  • Florida 4.8 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Miami-Dade County

According to FHFA’s house price index, home prices in Miami-Dade County rose 148% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Miami-Dade County.

Period County Florida U.S.
Last year (2025) +2.8% −0.5% +2.9%
5 years (2020–2025) +80% +60% +47%
10 years (2015–2025) +148% +127% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Miami next to Miami-Dade County, Florida and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Miami $518,100
  • Miami-Dade $463,000
  • Florida $359,000
  • United States $332,700
Typical monthly rent
  • Miami $1,758
  • Miami-Dade $1,829
  • Florida $1,669
  • United States $1,413
Typical yearly household income
  • Miami $62,462
  • Miami-Dade $71,753
  • Florida $74,568
  • United States $80,734
See the full table
Miami next to Miami-Dade County and Florida
Measure Miami Miami-Dade County Florida U.S.
Typical home value $518,100 $463,000 $359,000 $332,700
Typical monthly rent $1,758 $1,829 $1,669 $1,413
Typical yearly household income $62,462 $71,753 $74,568 $80,734
Households that own their home 31% 52% 68% 65%
Typical yearly property tax $4,586 $3,744 $2,730 $3,119
Effective property tax rate 0.89% 0.81% 0.76% 0.94%
Renters with high rent for their income 63% 64% 60% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Miami-Dade County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Miami

For a typical $518,100 home in Miami, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Miami's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $4,276a month

    Least cash to close
    Down payment
    $18,134
    Cash to close
    $33,677
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $229

  • Conventional, 5% down $4,181a month

    Down payment
    $25,905
    Cash to close
    $41,448
    Rate
    7.18%
    Mortgage insurance
    PMI · $246

  • Conventional, 20% down, no PMI $3,408a month

    Down payment
    $103,620
    Cash to close
    $119,163
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $3,887a month

    Down payment
    $77,715
    Cash to close
    $93,258
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Miami and for Miami-Dade County.

Property tax

Effective rate in Miami

0.89%of the home’s value each year

$4,586 a year for the typical owner in Miami.

  • Miami 0.89%
  • Miami-Dade 0.81%
  • Florida 0.76%

What Florida publishes Homestead exemption (Florida Department of Revenue)

Exemptions and deadlines in Florida

Flood risk in Miami-Dade County

FEMA does not publish these numbers by city: they are for all of Miami-Dade County.

Homes in the high-risk zone
40%
199,250
Of those, with NFIP insurance
74%
County Florida U.S.
Homes in the high-risk zone 40% 13% 3.5%
Of those, with NFIP insurance 74% 67% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Miami

Typical rent in Miami is $1,758 a month: 4% below the county. In Miami, 63% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Miami-Dade County, by unit size. To pay the 2-bedroom one ($2,564 a month) without spending more than 30% of your income, you would need to earn $49.31 an hour working full time.

HUD fair market rent for all of Miami-Dade County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,953 $37.56 $78,120
1 bedroom $2,121 $40.79 $84,840
2 bedrooms $2,564 $49.31 $102,560
3 bedrooms $3,277 $63.02 $131,080
4 bedrooms $3,749 $72.10 $149,960

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Miami

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Miami has 13 ZIP codes with their own.

For 2 bedrooms it runs from $2,060 in 33127 to $3,850 in 33132.

7 of the 13 are above the fair market rent for Miami-Dade County ($2,564).

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Miami when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Miami

HUD lists 210 buildings with rents for lower incomes in Miami. These are the largest.

  • Site 180 200 NW 55th St, Miami 33127 457 homes, 456 low-income · Run by Miami Dade Housing and Community Dev · Average payment: $433 a month · Average wait: 68 months · Homes at several sites (786) 469-4106
  • New Arena Square 1023 NW 3rd Ave, Miami 33136 419 low-income homes · Studio: 18 · 1 bd: 138 · 2 bd: 177 · 3 bd: 86 · In service since 2002 · For families
  • Site 140 2440 NW 63rd St, Miami 33147 394 homes, 392 low-income · Run by Miami Dade Housing and Community Dev · Average payment: $560 a month · Average wait: 20 months (786) 469-4106
  • Site 130 191 NE 75th St, Miami 33138 376 homes, 374 low-income · Run by Miami Dade Housing and Community Dev · Average payment: $433 a month · Average wait: 39 months · Homes at several sites (786) 469-4106
  • Miami Stadium I 2301 NW 10th Ave, Miami 33127 336 low-income homes · 1 bd: 24 · 2 bd: 180 · 3 bd: 132 · In service since 2003 · For families

See all 399 buildings in Miami-Dade County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Miami

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There are 11 HUD-approved agencies with an office in Miami-Dade County; 9 say they serve in Spanish.

An older woman smiles in front of her apartment building.

HUD counseling is free or low-cost

Assistance programs in Miami

1 program is for Miami or Miami-Dade County, by its own record: they come first, each with what its official page says about being open. The ones below are statewide in Florida: they work in Miami the same as in the rest of the state.

Which programs do I qualify for? All programs in Florida

Housing counselors near Miami

The HUD-approved agencies closest to the center of Miami, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Neighborhood Housing Services of South Florida

    300 NW 12th Ave, Miami · 0 miles away · Spanish

    Also serves in Creole.

    • Budget and financial counseling
    • Budget and credit workshops
    • and 6 more
    (305) 751-5511

  • Cuban American National Council, Inc. - Miami

    1223 SW 4th St, Miami · 1 miles away · Spanish

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 7 more
    305-642-3484-182

  • Little Haiti Housing Association, Inc.

    8400 NE 2nd Ave, Miami · 5 miles away · Spanish

    Also serves in Creole and French.

    • Budget and financial counseling
    • Budget and credit workshops
    • and 6 more
    (786) 230-3785

Every agency in Miami-Dade County All counseling agencies in Florida

Help in Spanish near Miami

3 of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Miami

HUD’s record names them for Miami or Miami-Dade County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Miami Dade Housing and Community Dev Public housing and Section 8 vouchers (786) 469-4106
  • Miami HSG Conservation Section 8 vouchers (305) 416-2080

4 other authorities have an office in Miami-Dade County: see the list Source: HUD

Cities

Other cities in Miami-Dade County

These cities are also in Miami-Dade County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Miami-Dade County Housing in Florida
See 48 more cities in Miami-Dade County, with prices and rents

Every city has its own page with prices, rents and help.

Nearby cities

The cities closest to Miami, with the typical home value.

Neighboring counties

If Miami-Dade County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Miami.

All guides
Three women of one family talk as they cook vegetables in the kitchen.

Questions

Housing questions about Miami

Short answers with the numbers for Miami and all of Miami-Dade County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Miami?

The typical home value in Miami is $518,100, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Miami-Dade County it is $463,000.

How much does it cost to rent in Miami?

Typical rent in Miami is $1,758 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Miami-Dade County is $2,564.

What is the FHA loan limit in Miami?

Miami uses the FHA limit for all of Miami-Dade County (2026): $667,000 for a one-unit home and $1,282,700 for a four-unit home.

How much property tax do owners pay in Miami?

The typical homeowner in Miami pays $4,586 a year, according to the U.S. Census Bureau. That is 0.89% of the home’s value; in Miami-Dade County, the rate is 0.81%.

Where can I find free help to buy or rent in Miami?

There are 11 HUD-approved counseling agencies with an office in Miami-Dade County. 9 say they serve in Spanish. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).