Is Buying a Home in South Florida Still Worth It?

Home prices in South Florida remain steep, with the typical home in Miami-Dade costing around $527,379 and in Broward about $434,019—both well above the national average of $360,000, according to Zillow.

Zillow economist Kara Ng explains the surge in prices stems from Florida’s popularity during the pandemic, with Miami home values rising 60% since 2020. While prices have started to level off, Miami is now considered one of the nation’s top buyer’s markets.

NBC6 explored neighborhoods reflecting these average prices. In Hialeah’s 33010 zip code, buyer Emmanuel paid $490,000 for a fixer-upper, with renovations pushing his total cost close to the local average. In contrast, others like Luis believe current prices are fair—depending on whether you’re buying or selling.

A common thread among high-demand zip codes—like 33010 (Hialeah), 33160 (North Miami Beach), 33334 (Oakland Park), and 33060 (Pompano Beach)—is access to mass transit, which attracts urban commuters.

University of Miami professor Andrea Heuson notes a growing trend toward apartment living for middle-income families, partly fueled by the 2023 Live Local Act. While this may ease pressure on single-family home prices, demand for luxury homes continues to rise due to wealthy out-of-state buyers.

Still, affordability remains a major hurdle. A $525,000 home in Hialeah might be a modest 2-bed, 1-bath, while in Orlando or Charlotte, NC, the same amount could buy a spacious, modern house.

For residents like Mari, though, the high prices are worth it. “The rent is also expensive, and the property is never going to be yours,” she says. For many, homeownership in South Florida remains a costly, yet worthwhile, investment.