United States · North America · Population: 470,000
Miami is moderately affordable compared to major global cities, with steady growth in property values. The city has one of the most expensive rental markets. At $550,000 average home price in United States, buyers should consider the 8.5x price-to-income ratio when planning a purchase.
| Average Home Price | $550,000 |
| Price per sqm | $7,200 |
| Price-to-Income Ratio | 8.5x |
| Mortgage Rate | 6.8% |
| 1-Year Price Change | +4.5% |
| 1-Bedroom Apartment | $2,600/mo |
| 3-Bedroom Apartment | $4,000/mo |
| Rent-to-Income Ratio | 38% |
| Median Household Income | $65,000/year |
| Years to Buy (at median income) | 8.5 years |
| Local Currency | USD |
With a price-to-income ratio of 8.5x, Miami requires significant savings to purchase property. At a mortgage rate of 6.8%, monthly payments could consume a large share of income. Home prices have increased 4.5% in the past year.
Cities worldwide with home prices closest to Miami
Our team analyzes data from OECD, Numbeo & National Statistics to deliver accurate, up-to-date information. All data is verified and cross-referenced with official sources.
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