Living large in Miami; area’s median size of home among top-20 in US | Real Estate
Home buyers seeking a spacious living and remote-work area need to look no further than Miami, which boasts the fourth-most average square footage in the country, among the 50 largest cities analyzed in one report.
A study by StorageCafe, a nationwide self-storage search website that provides analysis of the real estate market, shows Miami’s median home (indoor) size is about 2,021 square feet. That’s 190 square feet larger than the median size in Jacksonville, the only other Florida city in the Top 50.
An aerial view of Florida homes.
However, outdoor space is far less generous. Lot sizes in Miami hover around 6,868 square feet, which gets the city only a 30th-place ranking for yard size.
Combined, the indoor and outdoor area pushes Miami into a 20th-place ranking in the StorageCafe study, 10 spots ahead of New York and 14 ahead of Los Angeles.
Other findings of the study indicate:
– Miami’s single-family home size expanded over the past decade, registering a hefty median size of 2,500 square feet in 2023, 24% more than the overall inventory. Building lots, on the other hand, lost significant space, and those currently available for development are almost 25% smaller than the city’s overall median lot size.
Miami’s skyline at sunset.
– All this space comes at a price in Miami, which has seen its property prices double over the last decade. With an average price tag of over $605,000, Miami joins the list of the most expensive real estate markets, below only Washington, DC; Boston; New York City; Seattle; Denver; and a few California cities.
– Nationwide, big homes with lots of outdoor space are getting harder to come by. The typical American house is sitting at around 2,299 square feet, 4% smaller than 10 years ago, while the typical lot size dwindled by 8% to 8,891 square feet during the same period. In the meantime, the average price of a new home has soared to roughly $457,000 in 2022, up 70% from 2013.
– Raleigh, N.C., ranks first nationally for spacious living in an urban environment, with a median home size of almost 1,950 square feet and a median lot of around 10,500 square feet.
Raleigh, North Carolina at night.
– Southern cities manage to perfectly blend spacious homes and sprawling backyards, with seven of them in the Top 10.
Among the 50 largest U.S. cities, only four have median home sizes sprawling over more than 2,000 square feet — Milwaukee; Omaha, Neb.; Austin, Texas; and Miami have the country’s biggest homes
Five cities have residential lot sizes larger than 10,000 square feet, with Nashville and Atlanta leading the way.
To determine the most attractive urban destinations for Americans in a search of both generous homes and expansive backyards, StorageCafe analysts ranked all 50 cities based on a combined metric of the average size of homes and the average size of the lots they’re sitting on.
Other factors were added, such as home prices, median household income, safety and commute times to see how accessible and desirable those cities are for home buyers.
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