Who Owns a Home in South Florida?
The percentage of Hispanic and Black homeowners in Miami-Dade and Broward counties has decreased as home prices have increased.
MIAMI – Since 2012, there are fewer Black and Hispanic homeowners in Miami-Dade and Broward counties, the latest U.S. Census Bureau data shows.
The Census Bureau said there were 983,509 occupied Miami-Dade County residences in 2022, and owners lived in a total of 507,879 of those residences. Redfin found 44% of all homeowners were Black, down from 47% in 2012, and 51% were Hispanics, down from 55.4%.
In Broward County, 544,611 residences were occupied by owners out of 867,215 occupied residences, with Blacks accounting for 50.5% of those owner-occupied homes, down from 51.7%, and Hispanics accounted for 57.1%, down from 62%.
Linda Neverson, a Miramar resident who purchased her two-story townhouse in Miramar in 2022, said, "My experience in terms of the path towards homeownership is that it has gotten a lot harder. What I believe is happening is the earning power or economic gap between minorities and others is widening. The purchasing power in Miami is being diluted."
The median sales price for a single-family home in Miami-Dade is $610,000 and the median price for a condo is $410,000. Broward falls slightly below at $570,000 for a house and $275,000 for a condo.
However, these prices are far higher than what most South Floridians can afford. Ken H. Johnson, a finance professor specializing in real estate at Florida Atlantic University, added that the trend of fewer homeowners is nationwide.
Source: Miami Herald (02/21/24) San Juan, Rebecca
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