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Dataset card Data Studio Files
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Average Home Values
Miami-Dade County Broward County Monroe County
Source: Zillow Home Value Index (ZHVI), https://www.zillow.com/research/data/
58 | Page
A household is classified as “low-income” if its income is at or below
60 percent of the area median income (AMI), adjusted for household
size. A household is “cost burdened” if it pays more than 40% of
income for gross rent, including utility costs. According to the
University of Florida’s Shimberg Center for Housing Studies’ June 2022
Rental Market Study, just under 60% of low-income, cost burdened
renter households are in large counties such as Broward and MiamiDade. Miami-Dade County has the largest share of the state’s lowincome, cost burdened renters, at 16%. Monroe County, a small sized
county, has the largest share of cost burdened households in the state,
with 3,913 households or 27% of all renters in the county.
Realtor.com reports that in September 2022, the median listing home
price in Monroe County was $1.2 million with a median home sold
price of $780K. This compares with a median listing price of $450K and
median sold home price of $387.5K in Broward, and median listing
price of $565K and median sold home price of $473.3K in Miami-Dade
County. They also report that in March 2022, the overall median rent
in the Miami-Fort Lauderdale-Pompano Beach MSA was $2,98857; a
57.2% increase from March 2021 and the largest percentage increase
among the nation’s 50 largest metropolitan areas58.
Most cost burdened renters in the South Florida region have incomes
below 60% of Average Median Income (AMI), but some renters with
higher incomes also experience cost burden. Cost burden among
renters above 60% of AMI is geographically concentrated in high-cost
counties, mostly in southeast Florida and the Orlando area. Sixty-three
percent (63%) of renters under this income level are cost burdened in
Miami-Dade and Monroe, and 40% in Broward County.59 While South
Florida does not have the highest housing costs in the nation, it is
among the most unaffordable because of high land costs, high cost of
living, and relatively low wages.
Courtesy of the Shimberg Center for Housing Studies, June 2022
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Single Family Homes Townhomes & Condos
Median Sale Price as of August 2022
Miami-Dade Broward
While the housing numbers change daily, Zillow shows that the
average rents for the tri- county area as of August 31, 2022 have
drastically increased since 2017. Miami-Dade County has seen an
average rent increase of 60%, Broward 53%, and Monroe 89%. Home
sale prices have skyrocketed as well. According to the latest Miami
Association of Realtors South Florida Market Stats, the August 2022
Median Sale Price for a single-family home in Broward County was
$562,500 and in Miami-Dade $551,250. Zillow data reported a median
sale price of $1,034,537 for Monroe County.
Mounting insurance costs are a contributing factor the rising costs of
housing. Illustrating the exorbitant cost of Homeowners Insurance
policies, the following table shows the average cost of Homeowners
Insurance policies for homes located in Miami (Miami-Dade County),
Fort Lauderdale (Broward County), Key West (Monroe County) and
the State of Florida for homes valued at $150,000 and $300,000. These
example policies were supplied by Clover Insurance at clover.com.60 61
62 63 64 The average cost nationally was found at nerdwallet.com. These
prices show homeowners insurance costs that are more than 3x the cost
nationally and in some cases more than 5x-6x the national rate for
homeowner’s insurance.
In Florida, over 50% of the cost of homeowner’s insurance policies goes
to pay for reinsurance, and in some cases much more than 50%.
Reinsurance prices have been on the rise globally, and a tsunami in
Japan would affect the cost of reinsurance in Florida. Reinsurance
companies are primarily global in nature and are not bound by antitrust provisions in America, nor are they required to actuarily justify
their rates. This and other factors have dramatically increased Florida’s
homeowner's and multifamily rental insurance rates. Cancellation
notices and non-renewals from insurance companies are becoming
increasingly commonplace with more than nine companies in
receivership.
Simultaneously, the National Flood Insurance Program (NFIP) has
altered the way it calculates risk under the new Risk Rating 2.0. NFIP’s
authority to provide flood insurance is currently scheduled to expire
Miami-Dade County Broward County Monroe County
2017 $1,968.42 $1,697.88 $2,363.03
2022 $3,147.84 $2,605.81 $3,922.17
$-
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Average Rent Comparison Between
12/31/2017 - 8/31/2022