Purchasing a home in South Florida remains a significant challenge for many residents, yet certain ZIP codes offer housing prices that align closely with the region's current average. This insight comes from a study conducted by NBC6 using data from the real estate firm Zillow.
Zillow, a platform providing a range of products and services for buying, selling, renting, and financing homes, indicates that the typical home price in Miami-Dade is $527,379, while in neighboring Broward County, it stands at $434,019, according to Telemundo 51. These figures are significantly higher than the national average of $360,000.
Kara Ng, a senior economist at Zillow, noted that Florida became an appealing destination during the pandemic due to its warm climate and year-round access to outdoor spaces. Consequently, property values in Miami have surged by 60% since 2020. Despite prices stabilizing, Miami now ranks as one of the nation's strongest buyers' markets. NBC6 identified the ZIP codes where home prices are closer to the average, including 33010 at the entrance of Hialeah by Okeechobee. A recent homebuyer there purchased a property for $490,000 but needed to invest an additional $50,000 to $60,000 in repairs to meet local standards.
The area maintains a relatively peaceful atmosphere, although it is the location where Cuban reggaeton artist Jose Manuel Carbajal "El Taiger" was murdered last year. Additionally, a 15-year-old stole a truck from his parents in April 2024, leading to the deaths of three women in a high-speed crash. Other ZIP codes of interest include 33160 in North Miami Beach, 33334 in Oakland Park (Broward), and 33060 in Pompano Beach (Broward).
A common trait among these areas is their proximity to public transit corridors, making them attractive to those seeking a better quality of life with less reliance on cars. Particularly, ZIP code 33010 in Hialeah is centrally located, offering a 15-minute drive to any part of the county, including the beach and the southwest. For instance, in Hialeah's 33010, one can buy a 70-year-old home with 2 bedrooms and 1 bathroom for $525,000. In contrast, that amount could purchase a newer home with 5 bedrooms and 3 bathrooms in cities like Orlando.
In other states, such as North Carolina, money stretches further, though residents report that salaries there tend to be lower, making the ultimate benefit unclear. Andrea Heuson, a University of Miami professor, suggests that the growth of affordable housing for low-income and middle-class families might ease the pressure on single-family homes.
Nevertheless, luxury home prices are expected to continue rising, driven by the migration of high-income earners from states like New York and California. While the soaring home prices in South Florida can be daunting, experts advise considering the region's opportunities. If possible, they recommend investing in property for the long term rather than opting for rental arrangements.
Understanding South Florida's Real Estate Market
Why have home prices in Miami increased by 60% since 2020?
Home prices in Miami have increased due to Florida's appeal during the pandemic, offering warm weather and year-round outdoor activities, attracting many new residents.
What makes ZIP code 33010 in Hialeah attractive to homebuyers?
ZIP code 33010 in Hialeah is appealing due to its central location, offering quick access to various parts of the county, and its proximity to public transportation.
How do home prices in South Florida compare to the national average?
Home prices in South Florida, particularly in Miami-Dade and Broward, are significantly higher than the national average, with prices in these areas exceeding $500,000 compared to the national average of $360,000.