The number of Millennial homeowner households in the Miami metro area nearly doubled over five years, but most members of the generation still rented their homes, according to a new housing analysis.
The Magic City had 248,583 Millennial homeowner households in 2023, up from 125,886 in 2018, a 97.5% increase that ranked 14th among 107 metropolitan areas studied by RentCafe.
The increase, however, did not make Millennials an owner-majority generation in Miami.
The metro had 324,316 Millennial renter households in 2023, representing 55.6% of the generation’s households. That was the seventh-highest renter share among the metros analyzed.
Miami’s Millennial renter population also grew 26.8% from 2018, far exceeding the 5.1% increase recorded nationally.
Nationally, Millennial-owned households grew 74% during the five-year period, reaching 12.4 million. Owners now outnumber renters among Millennials in 83 of the 107 metros examined, according to the report.
Miami and Orlando were the only Florida metros studied where renters remained the majority.
Millennial incomes in Miami increased 46.3% between 2018 and 2023, while home prices rose 20.6%. Those percentage changes, however, do not show whether a typical household could afford Miami’s purchase prices, required down payment, or monthly ownership costs.
The analysis defined Millennials as people born between 1981 and 1996. Housing, rentership and income figures were drawn from IPUMS census and survey data. Only metropolitan areas with at least 50,000 Millennial households in 2023 were included.
The figures apply to the broader Miami metropolitan area and do not provide a separate breakdown for Key Biscayne.