Miami, FL

This city of 499,077 residents needs 40,709 more housing units over the next five years. Miami is a CDBG-entitlement community, see how the ROAD to Housing Act could change that funding. Miami is part of the Miami-Dade TPO.

Housing snapshot

Population
499,077 (2026)
Households
201,927
Median household income
$72,935 (2026)
Typical home value
$526,602
Owner-occupied
27%
Five-year housing need
40,709 units

Comparison to other Florida municipalities

Miami: $72,935 Median income (2026 estimate)
<$22K >$160K
Miami: 1.65 jobs to household ratio
<0.06 >3.04
Miami: Permits since 2021 represent 13.1% of housing
<0% >25.1%
On this page

How affordable is this community?

The typical home in Miami, FL is valued at $526,602, well above the Florida average of $334,647. Miami, FL's median household income of $72,935 falls well short of what is needed to afford the typical home, leaving a gap of about $63,277.

This chart tracks whether housing prices are keeping pace with local incomes. The gap between what homes cost and what households can afford reveals affordability trends over time.

How is the population changing?

Miami, FL has a population of roughly 459,745, growing modestly at 1.4% per year.

Population growth patterns reveal how communities are evolving. This chart shows historical population changes by age group and projects future trends based on demographic patterns.

How has employment changed over time?

Jobs by industry sector since 2012. Switch between local jobs — counted where the jobs are located — and resident jobs, counted where the workers live. On the local view the most recent year is a nowcast: it grows the latest local LODES job mix forward using recent county employment growth from QCEW and the BLS local employment series, so the newest point tracks today's economy instead of data that is roughly two years old.

How are households changing by income?

With roughly 201,927 households, Miami, FL is growing modestly at 1.4% per year.

Understanding how households at different income levels are growing or declining helps identify which groups face the greatest housing pressure and where new housing is most needed.

Who lives here today?

The housing stock in Miami, FL is relatively mixed, with 50+ unit multifamily as the most common type at 40%. Miami, FL is a heavily renter-occupied market, with just 27% of households owning their home.

Households may have different structure type preferences depending on characteristics such as household size, income, employment, presence of children, age of individuals, and lifestyle choices. Understanding the housing stock in corresponding terms helps assess how well existing units align with existing households' ideals.

What does the housing stock look like?

The mix of housing types and ownership patterns shapes a community's character. This chart breaks down housing units by structure type and whether they're owner-occupied or rented.

How much new housing supply is needed?

To keep up with growth and fill current housing shortages, Miami, FL needs 40,709 new units over the next 5 years.

29,525
Units needed to keep up with expected growth
Projected total household growth from 2026 to 2031.
14.6%
Projected household growth rate
Expected increase in total households from 201,927 in 2026 to 231,452 in 2031.
11,184
Units to address shortages in existing housing stock
Production needs to address vacancy rates and other factors.
1,947
Replacement housing
Effective annual loss rate is 1.7 per 1,000 units.
40
Ownership vacancy adjustment
Owner-occupied vacancy is 1.4%. This is below the minimum stable target of 1.5%.
1,401
Rental vacancy adjustment
Rental vacancy is 6.5%. This is below the minimum stable target of 7.4%.
7,335
Overcrowding adjustment
Overcrowding rate is 7.2%. This is above National avg. of 3.4%.
461
Substandard housing adjustment
Substandard housing rate is 1.22%. This is above National avg. of 0.98%.
40,709
Total 5-year housing production need (2026-2031)
8,142
Annual production pace
Average units needed per year to meet 5-year need
18.2%
Total housing unit growth
Percent increase in housing stock over 5 years
3.6%
Annual housing unit growth
Average percent increase in housing stock per year

Build Now Act: how could CDBG funding change?

The Build Now Act (Section 213 of the 21st Century ROAD to Housing Act) ties a CDBG entitlement community's grant to how much housing it is building. This is a CommunityScale estimate from public ACS data, not HUD's official determination — HUD calculates from Census Master Address File block counts.

How does this place compare to similar communities?