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Hialeah's Rising Home Values: A Decade of Growth in Florida's Cuban-American Hub
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Hialeah, a vibrant city in Florida, is known for its large Cuban-American population and rich cultural heritage. Located in Miami-Dade County, Hialeah has experienced significant shifts in its housing market over the past decade. The city has seen a general trend of increasing average home prices and average rent prices, while homeownership rates have fluctuated.
From 2013 to 2022, Hialeah's homeownership rate showed moderate fluctuations. In 2013, 45% of residents owned their homes. This percentage dipped to 43% in 2016 before rising to 49% by 2022. During this same period, average home prices in Hialeah saw a substantial increase. In 2013, the average home price was $133,840, which more than doubled to $375,723 by 2022. This represents a 180% increase in average home prices over a nine-year period.
The relationship between federal interest rates and homeownership rates in Hialeah shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.40%), homeownership rates in Hialeah remained relatively stable around 44-45%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates in Hialeah also increased, reaching 49% in 2022. This suggests that other local factors may have had a stronger influence on homeownership than national interest rates during this period.
Renter percentages in Hialeah have shown a slight decrease from 55% in 2013 to 51% in 2022. Despite this decrease in the renter population, average rent prices have steadily increased. In 2013, the average rent was $979, which rose to $1,521 by 2022, representing a 55% increase over nine years. This increase in average rent prices occurred even as the city's population decreased from 233,394 in 2013 to 220,274 in 2022, suggesting that factors beyond population growth were driving rent increases.
In 2023, the average home price in Hialeah reached $415,456, with interest rates at 5.02%. Moving into 2024, the average home price further increased to $444,590, while interest rates rose slightly to 5.33%. These figures indicate a continuing upward trend in both home prices and interest rates, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that both average home prices and average rent prices in Hialeah are likely to continue their upward trajectory over the next five years. Based on historical trends, average home prices could potentially reach the $500,000 mark by 2029, while average rent prices might exceed $1,800 per month. However, these projections are subject to various economic factors and market conditions.
In summary, Hialeah's housing market has been characterized by rising average home and rent prices over the past decade, with a recent trend towards increased homeownership. The city has demonstrated resilience in its housing market, with property values appreciating significantly despite population fluctuations. The coming years may present both opportunities and challenges for residents and investors in Hialeah's real estate market as prices continue to climb.
