South Florida Homebuyers: A Snapshot of Diversity and Wealth

The latest report by the Miami Association of Realtors® (MIAMI) highlights a distinct trend among homebuyers in Southeast Florida. According to the Profile of Homebuyers in Southeast Florida, this region reveals a more global perspective, enhanced racial diversity, elevated educational levels, and higher income brackets compared to both state and national averages.

Homebuyer Demographics: A Global Perspective

Recent data drawn from the 2023 U.S. Census Bureau’s American Community Survey indicates significant shifts in the homebuying landscape within Miami-Dade, Broward, and Palm Beach Counties.

Miami-Dade County Insights

• Global Reach: 7% of homebuyers moving to Miami-Dade County in 2022-2023 hailed from abroad, vastly exceeding the 3% in Florida and 1% nationally.
• Diversity: A remarkable 44% reported being of two or more races, while only 15% in Florida and 10% nationally could claim the same.
• Linguistic Variety: A striking 79% of homebuyers converse in languages other than English; predominant languages include Spanish, Haitian, and Portuguese.
• Age Distribution: 31% of homebuyers fell in the 25-34 age bracket, contrasting with 20% in Florida and 29% nationally.
• Income Levels: 8% of these buyers reported a household income of $500,000 or more, significantly above the 3% in Florida and nationally.

Broward County Highlights

• International Buyers: 8% of Broward County homebuyers were also international arrivals, again higher than the state’s 3% and national 1%.
• Race Composition: 52% of new homeowners identified as non-White alone, compared to 31% statewide and 29% nationwide.
• Language Use: 58% spoke languages other than English, notably Spanish and French.
• Younger Demographics: 47% of homebuyers are 44 years old or younger, surpassing Florida’s 42% but trailing the national figure of 56%.
• High Incomes: 14% of buyers reported household incomes of $250,000 or more, higher than Florida’s 10% and matching the national 12%.

Palm Beach and Martin Counties

• Global Presence: 5% of homebuyers in Palm Beach County moved from international locations.
• Racial Makeup: 70% identified as White alone, closely mirroring state and national figures.
• Language Proficiency: 65% spoke only English, while the balance included Spanish, Portuguese, Russian, French, and Haitian.
• Age and Income: 57% of homebuyers were aged 55 and over, with 58% earning at least $100,000, showcasing financial stability.

St. Lucie County Characteristics

• International Movement: Only 3% of St. Lucie County homebuyers were from abroad—aligning with Florida averages but exceeding the national rate.
• Homogeneous Racial Profile: 70% identified as White alone, matching state and national statistics.
• Employment Trends: Only 50% of buyers were employed, with notable unemployment (14%) and non-labor force figures (36%).
• Income Distribution: 60% of households reported earnings below $100,000, surpassing the state’s and nation’s proportions.

Conclusion: The Future of Homebuying in Southeast Florida

The Profile of Homebuyers in Southeast Florida paints a compelling picture of a region that not only attracts a diverse and affluent clientele but also embodies a rich cultural tapestry. As the area continues to draw international interest and homebuyers from diverse backgrounds, its real estate market stands poised for sustained growth.

For a more in-depth look into the data, don’t forget to download the complete Profile of Southeast Florida Homebuyers in 2022-2023. The findings not only illustrate the unique characteristics of South Florida homebuyers but also highlight the region’s appeal as a vibrant and complex market for future real estate investments.

For further information on real estate trends, visit helpful resources such as NAR, Zillow, and Redfin.