Homeownership Rate in South Florida Is Just 58.8 Percent, Down From 69 Percent in Only a Decade
This is essentially the different side of the same story from earlier this month, when an analysis showed that 65 percent of Miamians are renters. That's because homeownership in Miami-Dade has plummeted since the recession and foreclosure crisis.
Well, now the Census Bureau is out with new information basically pointing out the same thing: A lot fewer South Floridians actually own homes in South Florida than they used to.
According to the data, the homeownership rate in the Miami-Fort Lauderdale metro area is now just 58.8 percent. That's down from 69.2 percent in 2005. The biggest yearly drop in the time happened between 2009 and 2010, when homeownership dropped 3.3 percent.
The homeownership rate is calculated by dividing the number of households living under the roof of a home owned by a family or individual member of that family divided by all families.
Meanwhile, the rate statewide in Florida fell from 73 percent in the beginning of 2005 to 65 percent at the end of 2014. That's the fifth largest decline of any state in the nation, behind only Nevada, North Dakota, Minnesota, Alabama, and Arizona.
South Florida had the biggest drop in the state.
The homeownership drop in that time in the top 75 major metro areas was just 4.5 percent with the rate now sitting at 62.9 percent in major cities.
Follow Miami New Times on Facebook.
Get the This Week's Top Stories Newsletter
Every week we collect the latest news, music and arts stories — along with film and food reviews and the best things to do this week — so that you'll never miss Miami New Times' biggest stories.