Largest share of Miami homeowners are over 55
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7% of Miami homeowners are under 35 years old, lower than the roughly 11% national average, according to the latest census data.
Why it matters: U.S. homebuyers are now the oldest on record, with the median age of first-timers reaching 38, per a recent report from the National Association of Realtors.
- That's up from 35 last year and marks a new high in NAR data from 1981.
Reality check: Miami continues to face a housing and affordability crisis, leading the city and the school district to consider workforce housing.
- And in 2022, 23% of Miami's millennials lived with their parents, outpacing the national average of 15.8%
Case in point: Homeowners ages 55 to 64 years make up the largest share of homeowners in Miami, with 22.3%, data show, with the next largest share belonging to homeowners between 65 and 74 years.
Editor's note: This story has been corrected to reflect that 7% (not 14%) of Miami homeowners are under 35, that 22.3% (not 19.6%) of homeowners are ages 55 to 64, and that the second-largest share belongs to those ages 65 to 74.