Miami is no exception to the national housing affordability crisis currently sweeping the nation. In fact, some experts estimate that Miami-area real estate sits in the most overpriced market in the country.
Luckily, affordable homes do still exist in the area. For example, have you looked at North Bay Village? North Bay Village is a three-island community in Biscayne Bay. It sits between Miami beach and the greater Miami area.
But whether you are aproperty investor or a residential owner, there are some things you need to know about North Bay Village real estate. That is why we are bringing you this guide.
Want to know whether NorthBay Village is the right Miami community for your real estate investment or newhome? Then keep reading because this article is for you.
North Bay Village Stats
North Bay Village is home to over 7,000 people, according to the latest Census. That means around 0.2% of Miami's 2.5million+ population lives in North Bay Village.
The islands take up a littleless than one square mile. But the population density is extremely high at over19,000 people per square mile. Compare this to Miami's population, which isonly 1,315 people per square mile.
Many people who live in North Bay Village identify as Hispanic or Latino (~59%), while approximately 29% are white. Interestingly, North Bay Village is home to the second-highest number of Brazilian people in the US.
Black (~5%), mixed race(~4%), and Asian (~3%) people also live in North Bay Village.
Many people who live in thispart of Miami are young (25 to 44 years old). The median age of people livingin North Bay Village is 35 years old.
The median income in North Bay Village is $37,931. This is slightly higher than the household income average in Miami, which is $34,354.
North Bay Village Real Estate Stats
The average real estate price in North Bay Village is $840,700 in 2022. Compare this to the average price of real estate in the greater Miami-Dade County, which is $1.7 million.
In terms of price per square foot, North Bay Village real estate is still cheaper than the county average.North Bay Village residents pay around $650 per square foot. The Miami-Dade County average is over $900 per square foot.
Another sign of healthy market prices is that price reductions are way down. After hitting a peak in August 2022, price reductions have fallen to negligible numbers in September and October 2022.
Homes go fast in North Bay Village. Recently, homes in the area only stayed on the market for an average of 88 days. In Miami-Dade County, the average home stays on the market for 110days.
At the same time, newlistings are on the rise. Listings hit a three-month high in August 2022, withnearly 70 new homes coming on the market that month.
Residents of North BayVillage pay $6,200 on average in annual taxes. This is nearly half as much asthe Miami-Dade County average of $15,200 spent on taxes annually.
The average North Bay Villageproperty is nearly 1,300 square feet. That is more in line with county-wideproperty averages of 1,889 square feet.
Because it is so close to thewater, North Bay Village is not as walkable as Miami as a whole. It receives awalkability score of 47 versus the county average of 62.
North Bay Village Rental Stats
Many people in North Bay Village are renters. 68% of the population rents, while the remainder owns their homes.
The average rent in North Bay Village currently sits at $2,517 per month. This is in line with other popular areas like Brickell, Miami Design District, and Downtown Miami.
You can compare this averagewith the most expensive neighborhood to rent in Miami: Brickell Key. Theaverage rental in Brickell Key costs over $3,300 per month.
Also, compare this averagewith lower-end communities. Palmer Lake has the lowest average rent in the cityat $964 per month. Mays Gardens comes in second with an average monthly rent of $1,286.
Overall, North Bay Village rentals are only about 6% higher than the average in Miami-Dade County. That makes this area the goldilocks of markets. It's not too expensive, nor toocheap, but just right.
The population of North BayVillage is growing. Local real estate prices and rental rates are rising, too,with the latter outpacing home values. The price-to-rent ratio is also lowerthan the state average.
All of these facts make North Bay Village a great area for investing in property, especially if you plan to rent it out.
North Bay Village Rankings and Awards
North Bay Village has greatschools, low crime, excellent nightlife, and a diverse community. It is ranked the second-best suburb for young professionals in all of Florida.
North Bay Village Neighborhoods
With most people renting in North Bay Village, it should be no wonder that the majority of homes on the islands are condos. North Bay Village condos come in the following price ranges.
Affordable Neighborhoods
Kennedy House Condos are some of the most affordable condos in North Bay Village. They cost an average of $262,000 or $354 per square foot.
Belle Isle is another affordable community. The average condo costs $280,000 or a little more than$331 per square foot.
Mid-Tier Neighborhoods
Bayview Condos at North Bayis a mid-tier option, with apartments coming in at an average of $359,000. Thatequates to about $382 per square foot.
At a slightly higher pricebracket is The Bridgewater Condo community. Apartments cost an average of$584,200 or around $450 per square foot.
Luxury Neighborhoods
Cielo on the Bay is one of the most luxurious North Bay Village communities on the islands. The average condo costs over $1.2 million ($641 per square foot).
If you are looking for the most luxurious condos in North Bay Village, look no further than Treasure Island. Condos cost an average of nearly $2.7 million.
Looking for Real Estate in North Bay Village?
North Bay Village is a great place to live. It's also a smart market for buying condos or buying apartments since property values are currently lower than rental rates.
Are you searching for the perfect property for your North Bay Village investment? Shoma Bay is a high-rise luxury condo building with beautiful waterfront views. Join our waitlist today!