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Miami Gardens: Rising Home Values and Fluctuating Ownership in the Home of Hard Rock Stadium
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Miami Gardens, a city in Florida known for hosting the Miami Dolphins' Hard Rock Stadium, has experienced significant changes in its housing market over the past decade. With a population of 110,491 in 2022, this urban center has seen fluctuating trends in homeownership rates, alongside consistently rising average home prices and rent costs. The homeownership rate in Miami Gardens has shown variability while generally remaining above 60% since 2013. Starting at 65% in 2013, it maintained this level through 2017 before experiencing slight dips to 63% in 2018 and 61% in 2019. The rate then recovered to 64% in 2020 and reached a peak of 67% in 2021, before decreasing to 60% in 2022. During this period, average home prices demonstrated a consistent upward trend, rising from $101,672 in 2013 to $382,089 in 2022, marking a substantial 275% increase. Federal interest rates have played a significant role in shaping homeownership trends in Miami Gardens. From 2013 to 2015, interest rates remained below 0.15%, coinciding with stable homeownership rates around 65%. As interest rates began to rise from 2016 (0.4%) to 2019 (2.16%), homeownership rates showed some volatility but generally stayed within the 61-65% range. The sharp drop in interest rates to 0.38% in 2020 and 0.08% in 2021 corresponded with an increase in homeownership to 67% in 2021, likely due to more affordable financing options.
Renter percentages in Miami Gardens have inversely mirrored homeownership rates, ranging from 33% to 42% between 2013 and 2022. Average rent prices have shown a steady upward trend, increasing from $1,083 in 2013 to $1,596 in 2022, a 47% rise. The renter percentage peaked at 42% in 2015 when the average rent was $1,132, suggesting that rising rents did not immediately deter renters. However, as average rents continued to climb, the renter percentage generally decreased, settling at 40% in 2022.
In 2023 and 2024, average home prices in Miami Gardens continued their upward trajectory, reaching $424,046 in 2023 and $457,877 in 2024. This represents a further 19.8% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions.
Looking ahead, predictive models suggest that average home prices in Miami Gardens may continue to rise over the next five years, potentially reaching around $550,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,900 per month within the same timeframe. These projections assume continued economic growth and demand for housing in the area.
In summary, Miami Gardens has experienced a general trend of increasing average home and rent prices over the past decade, with some fluctuations in homeownership rates. The relationship between federal interest rates and homeownership has been evident, particularly in recent years. As the city moves forward, the housing market appears poised for continued growth, with both homeowners and renters likely to face higher costs in the coming years.
