Miami, Florida
Miami-Dade County Real Estate - Miami
Miami
Miami is Florida's second most populous city. Miami is also the second largest US city with a Spanish speaking majority, which accounts for its nickname of "the capital of Latin America." Industries with the largest influence in Miami include commerce, finance, and international business. Miami is home to the headquarters of many large businesses including Burger King, US Century Bank, Caribbean Cruise Lines, and World Fuel Services. The port of Miami is one of the nation's busiest ports and contributes $18 billion to the city's economy. The largest employers in Miami are Miami-Dade County Public Schools, Miami-Dade County, United States Government, Florida Government, University of Miami, and Baptist Health South Florida.
Miami is in South East Florida. It's population as recorded in the 2010 Census was 399,457.
The median age for residents of Miami is 38.8. Around 27.3% of Miami households include school aged children and 29.9% of households include individuals aged 65 years or over. Census records indicate 72.5% of the Miami population are White, 19.2% are Black or African American, .2% American Indian, .9% Asian and 2.6% are Two or more Races. Miami has a significant Hispanic population. 69.9% (279,456) of Miami residents are of Hispanic or Latino origin. Of these 2.08% are of Mexican origin, 4.57% Puerto Rican, 49.13% Cuban and 44.2% are of other Hispanic or Latino origin.
There are 183,994 housing units in Miami. 25,677 (13.9%) of these were reported as vacant in the 2010 Census. There are 118,493 residential rental units in Miami. 107,131 of them were occupied in 2010 providing a residential rental vacancy rate of 9.2%.
Miami links:
Miami is located in Miami-Dade County. It has a population of approximately 399,457 people. The population increased 3.6% from 2010 to 2012. This compared to a 2.7% increase for the State of Florida, 3.8% for Miami-Dade County and a 1.7% increase for the country as a whole. Miami occupies 35.87 of the 1897.72 square miles in Miami-Dade County. It had a population density of 11135.9 persons per square mile in 2010. This compared to 1315.5 for the county, 350.6 for Florida and 87.4 for the country.
18.6% ( 183,994) of the 990,558 housing units in Miami-Dade County are in Miami (a housing unit is defined by the US Census Bureau as a house, apartment, mobile home, group of rooms, or single room that is occupied as separate living quarters.) Miami has a 34.7% homeownership rate compared to Miami-Dade County's 57.6% homeownership rate and Florida's rate of 69.0%.
| Region | Population 2010 | Economic Activity 2007 (Millions) | Population Growth 2010 to 2012 | Median Household Income 2011 | Housing Units | Median Price 2007 to 2011 |
|---|---|---|---|---|---|---|
| United States | 313,914,040 | $14,025,202 | 1.7% | $52,762 | 132,312,404 | $186,200 |
| Florida | 18,801,310 | $630,738 | 2.7% | $47,827 | 9,026,965 | $188,600 |
| Miami-Dade County | 2,496,435 | $110,643 | 3.8% | $43,957 | 990,558 | $246,800 |
| Miami | 399,457 | $19,228 | 3.6% | $30,270 | 183,994 | $257,500 |
Miami's medium household income in 2011 was $30,270. Miami-Dade County's medium household income was $43,957, which is lower than the medium income for Florida as a whole: $47,827. 27.7% of the population in Miami lives below the poverty line, compared to 14.7% in Florida, 17.9% of the population in Miami-Dade County and 14.3% nationwide. Additional Information:
Miami Economic Activity
The U.S. Bureau of the Census, Economic Census, 2007 calculated the total value manufacturing, merchant wholesaler, retail sales and food service sales in Miami. The Census measured activity of large and medium-sized firms during calendar year 2007. It does not include every aspect of the economy but can be used as a measure of economic activity.
At $19,228 million, Miami's economic activity represents 17.38% of Miami-Dade County's $110,643MM in economic activity. Miami-Dade County represents 17.54% of the Florida economy.
| Activity | Value (Millions) | Percentage |
|---|---|---|
| Manufacturers shipments | $1,079 | 5.6% |
| Merchant wholesaler sales | $11,188 | 58.2% |
| Retail sales | $5,623 | 29.2% |
| Accommodation and food services sales | $1,338 | 7.0% |
| Total | $19,228 | 100% |
Miami-Dade County Regional Comparisons
| City | Population 2010 | Economic Activity 2007 (Millions) | Population Growth 2010 to 2012 | Median Household Income 2011 | Housing Units | Median Price 2007 to 2011 |
|---|---|---|---|---|---|---|
| Hialeah | 224,669 | $5,037 | 3.2% | $31,096 | 74,067 | $197,800 |
| Homestead | 60,512 | $734 | 4.4% | $38,724 | 23,419 | $169,600 |
| Key Biscayne | 12,344 | $392 | 3.4% | $114,250 | 7,072 | $822,700 |
| Miami | 399,457 | $19,228 | 3.6% | $30,270 | 183,994 | $257,500 |
| Miami Beach | 87,779 | $2,857 | 3.2% | $42,411 | 67,499 | $349,400 |
| North Miami Beach | 41,523 | $970 | 3.5% | $41,489 | 16,402 | $206,200 |
| Opa locka | 15,219 | $1,049 | 3.2% | $22,214 | 5,966 | $145,000 |
Miami-Dade County is located in Southeast Florida. This region is responsible for 37.7% of Florida's economic activity. Miami-Dade County represents 46.6% of the region's economy.
| Region | Population 2010 | Economic Activity 2007 (Millions) | Population Growth 2010 to 2012 | Median Household Income 2011 | Housing Units | Median Price 2007 to 2011 |
|---|---|---|---|---|---|---|
| Indian River County | 138,028 | $2,455 | 1.8% | $46,363 | 76,251 | $179,300 |
| St. Lucie County | 277,789 | $5,576 | 2.2% | $44,947 | 137,581 | $157,600 |
| Martin County | 146,318 | $4,347 | 1.7% | $53,612 | 78,356 | $238,200 |
| Palm Beach County | 1,320,134 | $38,668 | 2.8% | $52,951 | 668,159 | $236,600 |
| Broward County | 1,748,066 | $73,668 | 3.8% | $51,782 | 810,795 | $225,300 |
| Miami-Dade County | 2,496,435 | $110,643 | 3.8% | $43,957 | 990,558 | $246,800 |
| Monroe County | 73,090 | $2,136 | 2.4% | $53,889 | 52,552 | $463,100 |
| Total | 6,410,776 | $237,494 | 2.6% | $49,643 | 2,814,252 | $249,557 |
Miami Real Estate
There are 551,185 properties in Miami. The following table shows a summary of them based on 2014 sales data.
| Usage Type | Property Count | % | Sales Count | Median Price | Median Price/Ft | Sales From | To |
|---|---|---|---|---|---|---|---|
| Agricultural | 1,518 | 0.28 | 37 | $429,000 | $142 | January 1st, 2014 | September 1st, 2014 |
| Commercial Property | 0 | 0.00 | 0 | n/a | n/a | n/a | n/a |
| Government Property | 3,710 | 0.67 | 23 | $112,000 | $94 | January 1st, 2014 | August 1st, 2014 |
| Health Care | 87 | 0.02 | 7 | $8,700,000 | $151 | January 1st, 2014 | August 1st, 2014 |
| Hotel & Motel | 1,973 | 0.36 | 305 | $767,351 | $1,899 | January 1st, 2014 | September 1st, 2014 |
| Industrial | 12,582 | 2.28 | 641 | $635,000 | $120 | January 1st, 2014 | September 1st, 2014 |
| Miscellaneous Property | 249 | 0.05 | 5 | $1,250,000 | $688 | January 1st, 2014 | August 1st, 2014 |
| Mobile/Manufactured | 305 | 0.06 | 4 | $26,000 | $69 | January 1st, 2014 | August 1st, 2014 |
| Multifamily | 29,513 | 5.35 | 1,433 | $205,006 | $91 | January 1st, 2014 | September 1st, 2014 |
| Office | 9,544 | 1.73 | 703 | $1,630,000 | $1,090 | January 1st, 2014 | September 1st, 2014 |
| Residential | 479,731 | 87.04 | 24,717 | $182,000 | $128 | January 1st, 2014 | September 1st, 2014 |
| Residential Property | 0 | 0.00 | 0 | n/a | n/a | n/a | n/a |
| Retail | 10,010 | 1.82 | 735 | $170,000 | $216 | January 1st, 2014 | September 1st, 2014 |
| Senior Housing | 97 | 0.02 | 4 | $7,525,000 | $274 | January 1st, 2014 | August 1st, 2014 |
| Special Purpose | 1,664 | 0.30 | 24 | $396,500 | $122 | January 1st, 2014 | September 1st, 2014 |
| Sports & Entertaining | 202 | 0.04 | 11 | $3,200,000 | $216 | April 1st, 2014 | August 1st, 2014 |
Agricultural Real Estate in Miami, Florida
1,518( .28%) of the properties in Miami are classified as Agricultural. 37 of them sold between January 1st, 2014 and September 1st, 2014. The total value of these sales was $21,911,309. The median sales price was $429,000. In 2014 the median sales price for A Class Agricultural in Miami was $358 per sq ft, B Class properties sold for $142/ft and C Class $71/ft.
Commercial Real Estate in Miami, Florida
0( .00%) of the properties in Miami are classified as Commercial.
Government Real Estate in Miami, Florida
3,710( .67%) of the properties in Miami are classified as Government. 23 of them sold between January 1st, 2014 and August 1st, 2014. The total value of these sales was $36,947,489. The median sales price was $112,000. In 2014 the median sales price for A Class Government Property in Miami was $200 per sq ft, B Class properties sold for $94/ft and C Class $18/ft.
Health Care Real Estate in Miami, Florida
87( .02%) of the properties in Miami are classified as Health Care. 7 of them sold between January 1st, 2014 and August 1st, 2014. The total value of these sales was $94,730,901. The median sales price was $8,700,000. In 2014 the median sales price for Health Care in Miami was $151 per sq ft.
Hotel & Motel Real Estate in Miami, Florida
1,973( .36%) of the properties in Miami are classified as Hotel & Motel. 305 of them sold between January 1st, 2014 and September 1st, 2014. The total value of these sales was $3,922,573,269. The median sales price was $767,351. In 2014 the median sales price for A Class Hotel & Motel in Miami was ####### per sq ft, B Class properties sold for $1,899/ft and C Class $122/ft.
Industrial Real Estate in Miami, Florida
12,582( 2.28%) of the properties in Miami are classified as Industrial. 641 of them sold between January 1st, 2014 and September 1st, 2014. The total value of these sales was $1,061,692,716. The median sales price was $635,000. In 2014 the median sales price for A Class Industrial in Miami was $1,977 per sq ft, B Class properties sold for $120/ft and C Class $50/ft.
Miscellaneous Real Estate in Miami, Florida
249( .05%) of the properties in Miami are classified as Miscellaneous. 5 of them sold between January 1st, 2014 and August 1st, 2014. The total value of these sales was $16,477,653. The median sales price was $1,250,000. In 2014 the median sales price for Miscellaneous Property in Miami was $688 per sq ft.
Mobile/Manufactured Real Estate in Miami, Florida
305( .06%) of the properties in Miami are classified as Mobile/Manufactured. 4 of them sold between January 1st, 2014 and August 1st, 2014. The total value of these sales was $15,064,000. The median sales price was $26,000. In 2014 the median sales price for Mobile/Manufactured in Miami was $69 per sq ft.
Multifamily Real Estate in Miami, Florida
29,513( 5.35%) of the properties in Miami are classified as Multifamily. 1,433 of them sold between January 1st, 2014 and September 1st, 2014. The total value of these sales was $796,095,887. The median sales price was $205,006. In 2014 the median sales price for A Class Multifamily in Miami was $227 per sq ft, B Class properties sold for $91/ft and C Class $39/ft.
Office Real Estate in Miami, Florida
9,544( 1.73%) of the properties in Miami are classified as Office. 703 of them sold between January 1st, 2014 and September 1st, 2014. The total value of these sales was $3,437,319,472. The median sales price was $1,630,000. In 2014 the median sales price for A Class Office in Miami was ####### per sq ft, B Class properties sold for $1,090/ft and C Class $130/ft.
Residential Real Estate in Miami, Florida
479,731( 87.04%) of the properties in Miami are classified as Residential. 24,717 of them sold between January 1st, 2014 and September 1st, 2014. The total value of these sales was $8,049,529,464. The median sales price was $182,000. In 2014 the median sales price for A Class Residential in Miami was $316 per sq ft, B Class properties sold for $128/ft and C Class $58/ft.
Residential Real Estate in Miami, Florida
0( .00%) of the properties in Miami are classified as Residential.
Retail Real Estate in Miami, Florida
10,010( 1.82%) of the properties in Miami are classified as Retail. 735 of them sold between January 1st, 2014 and September 1st, 2014. The total value of these sales was $1,995,984,846. The median sales price was $170,000. In 2014 the median sales price for A Class Retail in Miami was $793 per sq ft, B Class properties sold for $216/ft and C Class $91/ft.
Senior Housing Real Estate in Miami, Florida
97( .02%) of the properties in Miami are classified as Senior Housing. 4 of them sold between January 1st, 2014 and August 1st, 2014. The total value of these sales was $29,900,100. The median sales price was $7,525,000. In 2014 the median sales price for Senior Housing in Miami was $274 per sq ft.
Special Purpose Real Estate in Miami, Florida
1,664( .30%) of the properties in Miami are classified as Special Purpose. 24 of them sold between January 1st, 2014 and September 1st, 2014. The total value of these sales was $68,246,783. The median sales price was $396,500. In 2014 the median sales price for A Class Special Purpose in Miami was $294 per sq ft, B Class properties sold for $122/ft and C Class $43/ft.
Sports & Entertaining Real Estate in Miami, Florida
202( .04%) of the properties in Miami are classified as Sports & Entertaining. 11 of them sold between April 1st, 2014 and August 1st, 2014. The total value of these sales was $67,482,527. The median sales price was $3,200,000. In 2014 the median sales price for Sports & Entertaining in Miami was $216 per sq ft.
Miami, Miami-Dade County Market Data
| Property Usage | Property Count | Total Sq Ft |
|---|---|---|
| Agricultural | 1,438 | 4,397,600 |
| Government Property | 3,448 | 79,750,768 |
| Health Care | 63 | 10,106,189 |
| Hotel & Motel | 1,923 | 20,176,741 |
| Industrial | 11,464 | 178,727,569 |
| Land | 12,838 | 11,054,213 |
| Miscellaneous Property | 229 | 6,723,256 |
| Mobile/Manufactured | 274 | 169,242 |
| Multifamily | 28,857 | 148,603,867 |
| Office | 8,809 | 95,328,058 |
| Residential | 479,304 | 787,624,997 |
| Retail | 8,960 | 109,784,177 |
| Senior Housing | 72 | 3,616,352 |
| Special Purpose | 1,705 | 26,987,906 |
| Sports & Entertaining | 151 | 5,232,802 |
Miami Median Property Values per Sq Ft
| Property Class | Class A | Class B | Class C | ||||
|---|---|---|---|---|---|---|---|
| Usage | Year | Sale | Lease | Sale | Lease | Sale | Lease |
| Camp | 2014 | $443 | $43 | $208 | $22 | $46 | $13 |
| Airport (private or commercial), bus terminal, marine terminal, pier or marina. | 2014 | $402 | $30 | $223 | $18 | $96 | $11 |
| Auto sales, auto repair and storage or auto service shop | 2014 | $391 | $45 | $109 | $23 | $46 | $12 |
| Bowling alley, skating rink, pool hall or enclosed arena | 2014 | $443 | $43 | $216 | $22 | $97 | $12 |
| Cannery, fruit and vegetable, bottler or brewers, distillery or winery | 2014 | $243 | $20 | $90 | $13 | $50 | $10 |
| Centrally assessed | 2014 | $371 | $97 | $318 | $32 | $56 | $12 |
| Church | 2014 | $359 | $30 | $149 | $18 | $55 | $11 |
| Club, lodge or union hall | 2014 | $359 | $30 | $149 | $18 | $55 | $11 |
| College | 2014 | $359 | $33 | $149 | $17 | $55 | $9 |
| Community Shopping Center | 2014 | $393 | $45 | $201 | $23 | $111 | $12 |
| Condominium | 2014 | $338 | $13 | $135 | $13 | $79 | $13 |
| Cooperative | 2014 | $126 | $13 | $60 | $13 | $48 | $13 |
| County Owned | 2014 | $468 | $33 | $84 | $17 | $48 | $9 |
| Cropland soil capability Class I | 2014 | $358 | $41 | $147 | $25 | $89 | $18 |
| Cropland soil capability Class III | 2014 | $352 | $41 | $116 | $25 | $61 | $17 |
| Cultural organization, facility | 2014 | $359 | $30 | $149 | $18 | $55 | $11 |
| Department Store | 2014 | $423 | $45 | $138 | $23 | $55 | $12 |
| Drive-in Restaurant | 2014 | $393 | $45 | $201 | $23 | $111 | $12 |
| Drive-in theater or open stadium | 2014 | $393 | $43 | $201 | $22 | $111 | $12 |
| Enclosed theater or auditorium | 2014 | $393 | $43 | $201 | $22 | $111 | $12 |
| Federal Owned | 2014 | $468 | $33 | $84 | $17 | $48 | $9 |
| Financial institution (bank, saving and loan company, mortgage company, credit services) | 2014 | $393 | $45 | $201 | $23 | $111 | $12 |
| Florist or greenhouse | 2014 | $393 | $45 | $201 | $23 | $111 | $12 |
| Food processing | 2014 | $243 | $20 | $90 | $13 | $50 | $10 |
| Forest, park or recreational area | 2014 | $359 | $33 | $149 | $17 | $55 | $9 |
| Golf course or driving range | 2014 | $443 | $43 | $216 | $22 | $97 | $12 |
| Government Undefined | 2014 | $359 | $33 | $149 | $17 | $55 | $9 |
| Grazing land soil capability Class I | 2014 | $358 | $41 | $147 | $25 | $89 | $18 |
| Grazing land soil capability Class II | 2014 | $352 | $41 | $116 | $25 | $61 | $17 |
| Heavy industrial | 2014 | $243 | $20 | $90 | $13 | $50 | $10 |
| Home for the aged | 2014 | $403 | $22 | $145 | $16 | $27 | $12 |
| Hospital | 2014 | $359 | $33 | $149 | $17 | $55 | $9 |
| Hotel or motel | 2014 | $528 | $34 | $347 | $34 | $91 | $34 |
| Improved agricultural | 2014 | $352 | $41 | $116 | $25 | $61 | $17 |
| Insurance company office | 2014 | $575 | $57 | $231 | $31 | $105 | $17 |
| Leasehold interests (government owned property leased by a non-governmental lessee) | 2014 | $468 | $97 | $84 | $32 | $48 | $12 |
| Light manufacturing | 2014 | $251 | $20 | $103 | $13 | $67 | $10 |
| Lumber yard, sawmill or planing mill | 2014 | $243 | $20 | $90 | $13 | $50 | $10 |
| Military | 2014 | $159 | $34 | $94 | $17 | $66 | $10 |
| Mineral processing, cement plant,refinery, clay plants or gravel plant | 2014 | $243 | $20 | $90 | $13 | $50 | $10 |
| Miscellaneous Residential (migrant camp or boarding home.) | 2014 | $738 | $34 | $454 | $34 | $227 | $34 |
| Mixed use - store and office or store and residential or residential combination | 2014 | $423 | $45 | $138 | $23 | $55 | $12 |
| Mobile Home | 2014 | $96 | $6 | $42 | $6 | $41 | $6 |
| Mortuary, cemetery or crematorium | 2014 | $359 | $30 | $149 | $18 | $55 | $11 |
| Multi-family - 10 units or more | 2014 | $265 | $20 | $118 | $15 | $72 | $10 |
| Multi-family - less than 10 units | 2014 | $173 | $20 | $85 | $15 | $47 | $10 |
| Municipal Owned | 2014 | $468 | $33 | $84 | $17 | $48 | $9 |
| Nightclub, cocktail lounge or bar | 2014 | $443 | $43 | $216 | $22 | $97 | $12 |
| Office building, non-professional service building, multi-story | 2014 | $732 | $57 | $273 | $31 | $128 | $17 |
| Office building, non-professional service building, one story | 2014 | $345 | $57 | $158 | $31 | $49 | $17 |
| Open storage (building supplies, auto wrecking, fuel, equipment or material storage) | 2014 | $243 | $20 | $90 | $13 | $50 | $10 |
| Orchard Groves, Citrus, etc. | 2014 | $352 | $41 | $116 | $25 | $61 | $17 |
| Ornamentals, miscellaneous agricultural | 2014 | $352 | $41 | $116 | $25 | $61 | $17 |
| Orphanage, other non-profit or charitable services | 2014 | $359 | $30 | $149 | $18 | $55 | $11 |
| Packing plant (fruit and vegetable or meat packing) | 2014 | $243 | $20 | $90 | $13 | $50 | $10 |
| Poultry, bees, tropical fish, rabbits, etc. | 2014 | $358 | $41 | $147 | $25 | $89 | $18 |
| Private school or college | 2014 | $255 | $30 | $133 | $18 | $65 | $11 |
| Privately owned hospital | 2014 | $457 | $30 | $348 | $19 | $22 | $13 |
| Professional service building | 2014 | $402 | $57 | $223 | $31 | $96 | $17 |
| Public county school | 2014 | $359 | $33 | $149 | $17 | $55 | $9 |
| Race track: horse, auto or dog | 2014 | $443 | $43 | $216 | $22 | $97 | $12 |
| Regional Shopping Center | 2014 | $393 | $45 | $201 | $23 | $111 | $12 |
| Repair service shop (excluding automotive) | 2014 | $393 | $45 | $201 | $23 | $111 | $12 |
| Restaurant, cafeteria | 2014 | $793 | $45 | $500 | $23 | $224 | $12 |
| Retirement Home not eligible for exemption. | 2014 | $403 | $22 | $145 | $16 | $27 | $12 |
| Sanitarium or convalescent rest home | 2014 | $359 | $30 | $149 | $19 | $55 | $13 |
| Service station | 2014 | $550 | $45 | $259 | $23 | $119 | $12 |
| Single Family | 2014 | $221 | $13 | $119 | $13 | $66 | $13 |
| State Owned | 2014 | $468 | $33 | $84 | $17 | $48 | $9 |
| Store, one story | 2014 | $350 | $45 | $197 | $23 | $122 | $12 |
| Supermarket | 2014 | $393 | $45 | $201 | $23 | $111 | $12 |
| Tourist attraction, permanent exhibit or other entertainment facilities | 2014 | $443 | $43 | $216 | $22 | $97 | $12 |
| Utility | 2014 | $371 | $97 | $318 | $32 | $56 | $12 |
| Warehousing, distribution terminal, trucking terminal, or van and storage warehousing | 2014 | $248 | $20 | $91 | $13 | $48 | $10 |
| Wholesale outlet, produce house or manufacturing outlet | 2014 | $393 | $45 | $201 | $23 | $111 | $12 |