Despite Hurricanes, Miami Housing Market Surges 36% To $815 Billion
In a sign the threat of significant hurricanes and dangerous flooding has little effect on home demand or prices, the value of owner-occupied homes in Miami rose 36.3% from 2019 to 2022. That put its total market value of owner-occupied homes at $350.1 billion. According to a new survey, the median value of a Miami home at the end of 2022 was $429,000.
More on home values: Detroit is the hottest home market in America
Nationwide, home values reached $36.6 trillion at the end of 2022. Among these, owner-occupied homes in the top 50 metros were valued at $23.48 trillion.
Miami is among the cities most at risk for huge infrastructure and housing damage due to weather. Business Insider ranked it the second most dangerous place to live among all large cities based primarily on tropical storm damage and hurricanes. By 2050, 42% of Miami will be in the 100-year flood plain.
Back to 2000
The value of homes in Miami has risen faster than the national figure in 2000. Case Shiller took the top 20 US housing markets in January 2000 and gave each one an index of 100. As of October, the national index was 312.95. Miami’s figure was 427.22.
Miami’s population has surged this century, according to the Census. It was $362,470 in 2000. By 2020, the figure had risen to 442,241
