33165, Miami, FL

The 33165 zip code of Miami, FL has a median home value of $265,000. This is higher than the Florida statewide median home value of $221,500 and the national median home value of $177,200. The 33165 zip code also has a high rate of homeownership at 84%. This is higher than the statewide homeownership rate of 73% and the national homeownership rate of 63%.

The main drivers of home equity in the 33165 zip code are age and race. Home equity decreases as people age and it decreases more for black households than white households. The main reason for this difference is that black households are more likely to be renters than white households. Home equity also varies by race based on income level. Home equity increases as income increases for white households but not as much for black households. This is due to the fact that black household incomes are lower on average than white household incomes.

Home prices in the 33165 zip code have been increasing over time. The average price increase from 2006 to 2016 was 9%. This is higher than the statewide average price increase of 7% and the national average price increase of 5%. The main driver behind this increase in home prices is demand from buyers rather than supply from sellers. There has been an increase in population growth in Miami over time which has led to an increased demand for homes in this area. Additionally, there have been limited new construction projects available in Miami which has driven up prices even further.