Homes in these South Florida zip codes sit near the average price

We hear it all the time- “You can’t buy a home in Miami-Dade.” Or “Broward is getting too expensive!”.

NBC6 decided to go out and see what the average home price is, what that can get you, and how the market is changing.

We’ve seen the for-sale signs all across South Florida, but if you’re looking to buy, what holds you back could be the price tag.

According to Zillow, the typical home price, which looks at homes in the 35^th to 65^th percentile range found in Miami-Dade County, the price is $527,379.

In the case of Broward County it is $434,019.

Zillow says that's well above the national average, which is currently at $360,000.

WHY IS THE PRICE SO HIGH?

, “The question is why is the price so high?” asks Senior Economist at Zillow, Kara Ng.

“Remember that Florida was the pandemic hotspot for movers, people wanted year-round outdoor living. And so, Miami as a metro, as a whole, home values are up 60% after the start of the pandemic,” said Kara Ng, Senior Economist at Zillow.

Stats show that prices have flattened and that Miami is the strongest buyers’ market out of any metro area in the country.

But what is it like for people looking to become homeowners?

NBC6 did some digging through Zillow’s data and found zip codes that are close to that typical home price.

In Miami-Dade County one of those zip codes was 33010 in Hialeah, where Emmanuel just bought a house for $490,000 "but it’s basically like I am having to redo the house entirely.”

He said the cost of repairs was roughly $50,000 to $60,000, bringing him closer to the zip code's typical home value for February, which stands at more than $528,000.

But there’s others like Luis who has friends selling their homes in the area and thinks the price is just right.

“If you are selling it, it’s fair. I know a lot of people in their late 20’s 30’s, they think it’s very unfair because they can’t afford it. So, a lot of people are just staying at home longer because they cannot afford it. So, in general they think it’s an unfair situation, but it’s unfair to who?”

Other zip code that’s close to the typical home value in Miami-Dade is 33160 in North Miami Beach. In Broward County there are 33334 in Oakland Park and 33060 in Pompano Beach.

ONE THING IN COMMON

Andrea Heuson, a Professor of Finance and the Academic Director of real estate programs at the University of Miami, said that what all four of these zip codes have in common is that they are currently or will soon be mass transit corridors, making it easier for people to commute to wherever they need to go.

“That has made it attractive for some people who used to live very far away to move back into the city, live in a new apartment, and have easy access to where they work instead of having to spend a long time on the road,” she said.

Heuson said we are seeing an apartment boom for low income or middle-class families, in part due to the Live Local Act which passed in 2023. It could mean that the price pressure on single family homes will decrease as demand for these properties will also lower.

But what won’t be going down, Heuson says is the cost of luxury homes.

“The demand for those very expensive houses has skyrocketed, as people have decided to work from home, people who have moved from the Northeast or California, who have very high salaries and high standards of living, and they are all competing for the same very high priced houses.”

But what about a regular single-family home?

Let’s go back to 33010 in Hialeah.

When we search up that zip code in Zillow, for $525,000, this is what you can get, a 2 bedroom, 1 bathroom, 70 year old house. But for that same amount in Orlando, you get a 5 bedroom, 3 bathroom, 8 year house.

If we look out of state in places like Charlotte, North Carolina, you can get a house that’s almost double the size in square footage.

But is worth it?

Some residents, like Mari, who have considered moving to North Carolina, don’t think so.

“The prices are less but the salaries are also less, so at the end of the day, it’s the same.”

Mari said while there’s no denying homes in South Florida are costly, it’s a price that’s worth it.

“Honestly, I think it’s a debt that you have for life. But it’s what you have to do because the rent is also expensive, and the property is never going to be yours.”

Heuson says while it can be daunting to think about home prices in South Florida, she says it’s also important to appreciate where we live and take advantage of all our area has to offer.