Miami Mortgage Facts

Miami Introduction

Miami is located on northern Biscayne Bay between the Atlantic Ocean and the Everglades, in southeastern Florida. It is the second largest city in Florida after Jacksonville. According to 2005 U.S. Census estimates, the population of Miami is nearly 362,000 people. This is essentially unchanged from the 2000 census.

Miami Neighborhoods

The City of Miami has an office in each of Miami's neighborhoods to help with neighborhood development. The neighborhoods with offices, and used for city planning purposes are: Downtown, Midtown, Overtown, Coral Way, Coconut Grove which is home to Miami's city hall, Allapattah, Little Haiti, Liberty City, Upper Eastside, Wynwood/Edgewater, Little Havana, and Flagami.

Miami Real Estate

As of 2005, the United States Census Bureau estimated that there were 163,542 housing units in Miami. 35.6% of these were owner occupied, which is approaching one half the national average. 11.5% of Miami housing was unoccupied or vacant, which is above the national average.

Nearly half of Miami's housing was built prior to 1960. Another third was built in the 1960s and 1970s. 8.5% was built in the 1980s, 6.4% in the 1990s, and 5.1% since. Miami housing is relatively small. Over 80% of Miami housing is two to five rooms in size. These homes most commonly have two or three bedrooms. A relatively small percentage are larger with more rooms and more bedrooms. Electricity is the predominant form of heating for Miami homes.

An owner occupied residence in Miami had a median value of $248,500 in 2005, which was well above the national average of $167,500. This was also up substantially from the 2000 census when the median value of a Miami home was $120,100. According to the National Association of Realtors, the median price of a Miami home was $366,800 at the end of the fourth quarter of 2006. At that same time, a Miami condo cost $206,700.

Median monthly owner costs for a home in Miami were $1,522 as of 2005, above the national average. 61% of Miami's owner occupied homes had a mortgage in 2005. A relatively small percentage of Miami home owners (16.5%) had a second mortgage or home equity line or loan as well.

Miami Property Taxes

The Miami-Dade County Tax Collector's office collects the property taxes for Miami and all of Miami-Dade County. The Miami-Dade County - Property Appraiser determines the value of all property within Miami-Dade County including Miami. In 2005, the median property tax bill for an owner occupied house in Miami was $2,836.

Miami Schools

The City of Miami is served by the Miami-Dade County Public School system (M-DCPS). M-DCPS is the largest school system in the State of Florida, and the fourth largest in the United States. It serves over 400,000 students throughout Miami-Dade County..

There are two colleges/universities in the City of Miami: Florida International University and Miami-Dade College. In addition, there are many other well known colleges and universities in Miami-Dade County, including: Barry University, Florida Memorial University, Johnson and Wales University, St. Thomas University, and the University of Miami.

Miami Economy

Miami is headquarters for the Latin American operations of many major corporations. Miami is also a major financial center with the largest concentration of banks south of New York City. Other major industries in Miami in addition to financial services include: international trade, manufacturing, services, telecommunications, and tourism. Major companies based in Miami include: Burger King, Carnival Cruise Lines, Citrix Systems, DHL, Norwegian Cruise Lines, and Ryder System.

The median family income in Miami, Florida is about half the national average. As of 2005, Miami's median family income was $28,784.

Miami and Florida Mortgage and/or Real Estate Organizations

• Florida Association of Building Inspectors
• Florida Association of Mortgage Brokers
• Florida Association of Property Appraisers
• Florida Association of Realtors
• Mortgage Bankers Association of Florida
• REALTOR Association of Greater Miami and the Beaches
• Realtor Association of Miami-Dade County

Of Note:

Miami Mortgage Lenders * (Click names for details)

Miami Credit Unions

Miami Credit Counselors* (Free advice and counseling)

Miami Banks

Miami Mortgage Statistics

Miami Housing Expenses

Miami Household Size

Miami Housing Stock

Miami Home Heating

Miami Housing Size

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