HOUSING & AFFORDABILITY

The economic stability of Miamians is a major factor in how comfortably they can live here. Standard living costs, like rents or mortgages, usually consume the largest share of a resident’s income and determine their overall financial health.

 

Miami must continue to cultivate development of affordable housing to help ease its cost-burdened residents. That, coupled with our rapidly growing economy, higher salaries and greater income distribution, will go a long way toward making Miami a more affordable place to live.

 

We identified the three goals and metrics below as good targets for our success:

HOUSING & AFFORDABILITY GOAL

Goal: Miami-Dade Residents Possess Sufficient Financial Resources

WHY IS IT IMPORTANT?

Economic well-being is a critical component of quality of life.

WHAT ELSE IS AFFECTED?

Poverty is associated with a host of negative outcomes, including lower rates of educational attainment and poorer health.

MEDIAN HOUSEHOLD INCOME

Median household income is a fundamental measure of the economic well-being of households.
Miami-Dade County’s income levels are significantly lower than other major U.S. metros.
Source: U.S. Census American Community Survey

% OF POPULATION LIVING IN POVERTY

Poverty is interconnected to a host of other quality of life factors, including health, education, and civic engagement.
Poverty is increasing in Miami-Dade county. 21% of all residents live under the poverty line. 28% of children live in poverty, much more than other large regions and the US average.
Source: US Census American Community Survey

HOUSING & AFFORDABILITY GOAL

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Goal: Miami-Dade Housing is Affordable

WHY IS IT IMPORTANT?

Housing affordability is a major factor in where people choose to live and how well they live. When housing isn’t affordable, people can’t afford to buy a home or must choose housing far from their job.

WHAT ELSE IS AFFECTED?

Traffic congestion worsens when people have to move far from their place of employment. Young renters may choose to leave the region for other parts of the state or US.

MEDIAN SALES PRICE OF EXISTING SINGLE-FAMILY HOMES

The price of single-family homes most affect working families living in the region, while the price of condos affect outside investors.
The median sale price of single-family homes in the Miami metro is above the US median and Chicago, but significantly less than San Diego and New York. And, local prices have been growing much faster than the US and other major metros.
Source: National Association of Realtors
Data Showing: Metro-level

COST OF LIVING INDEX

This index measures the relative prices of goods and services versus the U.S. average.
The Miami metro has a higher cost of living than the US, but lower than other major metros like Chicago, New York, and San Diego.
Source: C2ER
Data Showing: Metro-level

HOMEOWNERSHIP RATE

Homeownership can have many positive effects, offering stability and retirement equity growth to citizens and enticing them to take care of their homes and communities.
Miami-Dade county has a homeownership rate that is typical of major metros. 59% of the county population (of all ages) lives in a home that they own, a lower percentage than the US.
Source: US Census American Community Survey
Data Showing: Central County

AVERAGE CONSTRUCTION COST OF A NEW
SINGLE FAMILY HOME (VALUE ON HOUSING PERMIT)

The cost of new construction has a large impact on the ultimate selling price of a home. And, single-family homes support working families primarily, not outside investors in condos.
Miami-Dade county has a below-average cost of construction for single-family homes. But, the average permitted cost of a new single-family home in Miami-Dade County ($234,000) is 33% higher than two years ago (according to permits issued). By comparison, U.S. prices grew just 9%.
Data for NYC is an average for surrounding boroughs that build SF homes (Queens, Bronx, Staten Island).
Full circle: $380,000.
Source: US Census Bureau Censtats

When housing costs are high relative to incomes, households don’t have the disposable income needed for food, health care, and transportation.
Miami-Dade County households are some of the most cost-burdened in the US due to the high cost of housing. 65% of county renters spend 30% or more of their income on housing, a much higher percentage than the typical American.
No significant change anticipated
Source: US Census American Community Survey Data Showing: Central County

Housing costs represent the single largest expense for most households.
Housing in Miami-Dade County is very expensive relative to income levels. Median rent in Miami represents nearly 40% of median income, a much higher proportion than in other major cities.
Median housing ownership costs for Miami-Dade County households with a mortgage approach 30% of income, which also exceeds the relative cost of housing in other peer communities.
No significant change anticipated
Source: US Census Bureau
Data Showing: Central County

Outside of housing, transporation is often the single-largest household expense. The more money residents spend on transportation, the less resources are available for other basic needs
Among comparison regions, Miami residents spend the higher proportion of their income on transportation costs. This dynamic, however, is primarily drive by low income levels, not high transportation costs.
Source: Center for Neighborhood Technology
Data Showing: Metropolitan Area

HOUSING & AFFORDABILITY GOAL

Goal: Miami-Dade is an Economically Equitable Region

WHY IS IT IMPORTANT?

Equitable metropolitan areas typically have higher average incomes than their less equitable peers.

WHAT ELSE IS AFFECTED?

Higher levels of income inequality is associated with increased mortality for all resident’s educational attainment and poorer health.

 INCOME INEQUALITY (GINI COEFFICIENT)

A Gini coefficient of zero indicates perfect equality (everyone has the same income). A Gini coefficient of one indicates extreme inequality.
Miami-Dade county has more inequality than other major metros such as Chicago, San Diego, and Houston, but lower inequality than New York.
Source: US Census American Community Survey
Data Showing: Central County

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