Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 58,906, 20,214 total housing units (homes and apartments), and a median house value of $529,594, North Miami real estate prices are well above average cost compared to national prices.
Large apartment complexes or high rise apartments are the single most common housing type in North Miami, accounting for 56.52% of the city's housing units. Other types of housing that are prevalent in North Miami include single-family detached homes ( 35.53%), row houses and other attached homes ( 3.59%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.44%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.
People in North Miami primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. North Miami has a mixture of owner-occupied and renter-occupied housing.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. North Miami's housing was primarily built during this period, from the '40s through the '60s. A full 56.05% of the city's housing hails from this era. Other housing ages represented in North Miami include homes built between 1970-1999 ( 34.48%) and housing constructed between 2000 and later ( 7.66%). There's also some housing in North Miami built before 1939 ( 1.81%).
In the last 10 years, North Miami has experienced some of the highest home appreciation rates of any community in the nation. North Miami real estate appreciated 209.40% over the last ten years, which is an average annual home appreciation rate of 11.96%, putting North Miami in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, North Miami definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in North Miami that despite a nationwide downturn in the housing market, North Miami real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, North Miami appreciation rates continue to be some of the highest in America, at 14.64%, which is higher than appreciation rates in 97.26% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in North Miami. North Miami appreciation rates in the latest quarter were at 3.44%, which equates to an annual appreciation rate of 14.50%.
Importantly, this makes North Miami one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Florida, our data show that North Miami's latest annual appreciation rate is higher than 90% of the other cities and towns in Florida.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within North Miami differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in North Miami - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best North Miami real estate investment or home purchase decisions.
$529,594
for Florida
for nation
20,214
$2,942 / per month