The housing market in South Florida will shift again in early 2026. The U.S. Census Bureau has new numbers that show how many people have their own homes and how many homes do not have anyone living in them. These changes can change how much homes cost, how much people pay for rent, and how easy it is for people to find a home.
National Homeownership Trends
In the third quarter of 2025, the national homeownership rate was 65.3 percent. This means around two out of three American households own a home. The rental vacancy rate rose to 7.1 percent. The homeowner vacancy rate stayed at 1.2 percent. When few homes are empty, a lot of people want to buy a home, but not many homes are up for sale. This keeps home prices high.
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Important housing numbers for 2026
Here are some main numbers that show what is going on in the housing market right now.
Right now, there are around 133.1 million households in the United States. The Midwest has the highest homeownership rate at 68.9 percent. The South follows with a rate of 67.2 percent.
The median asking price for homes was 365,800 dollars in the third quarter of 2025. This price increased by 19,100 dollars from the previous quarter. The median asking rent rose to 1,534 dollars each month.
The rental vacancy rate in the Northeast is 5.2 percent. The rental vacancy rate in the West is 5.7 percent. These rates are the lowest in the country. The West has not many empty homes for owners. The rate is just 0.7 percent.
This is what the experts see at the moment.
About 90 percent of homes in the United States have people living in them. Age still plays a big role in how many people own a home. People younger than 35 have the lowest rate, at 37.5 percent. People who are 65 or older have the highest rate, at 77.9 percent.
Middle-aged people own more homes as middle-aged people get older. People who are 35 to 44 years old own homes at a rate of 60 percent. People who are 45 to 54 years old own homes at about 70 percent. The oldest millennials are now in their early 40s. Around 45 million millennials are at the age when many want to buy a first home. This has made the market more tough.
Last year, the number of people who own homes stayed about the same or went up a bit for people aged 35 to 54. Fewer people under 35 owned homes. Fewer people over 65 owned homes too.
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The South Florida Housing Market in 2026
The housing market in South Florida looks very different now. The Miami-Fort Lauderdale-West Palm Beach area has about 9.7 months of homes for sale. This gives buyers more options to choose from. A balanced market often has between four and six months of homes for sale. When a home has been for sale for over six months, buyers see more choices and might ask for a lower price.
Home prices in the Miami metro area fell by about 5.7 percent compared to last year. This shows a usual market shift after prices rose quickly for a few years during and after the pandemic.
Why did the South Florida market change?
Here are some reasons for the change:
Fewer people are going to Florida now. In 2022, more than 314,000 people moved to Florida. In 2024, only about 64,000 people moved to Florida. When fewer new people move to the area, not many people want to buy houses.
The new building has added many new homes. Miami built more than 5,300 new homes by the end of 2025. This meant buyers and renters had more options.
Some buyers are rethinking because homes are more expensive now. Home insurance now costs much more in towns near the coast. Homeowners association fees are higher too, mostly for old condos.
Mortgage rates are close to 6 percent in early 2026. This is about double what mortgage rates were in 2020 and 2021. When rates go up, buyers cannot buy the same house for the same monthly payment. Buyers have to choose a smaller house or pay more every month.
The difference in home ownership between people of different races and ethnic groups
Homeownership rates are different for each racial and ethnic group. These differences show that money gaps have been around for a long time. Black households own fewer homes than other groups. The rate of Black homeownership is still lower than for other groups and has dropped some in the past few years. The rate for Hispanic households stays about the same. Asian households, Native Hawaiian households, and Pacific Islander households saw some gains in the past year.
There is a gap in owning homes in America. Many families struggle to buy a home. Many families do not build wealth because they do not own a home.
The supply is still low. The supply went up a bit lately, but the supply did not go up by much.
There are still not as many homes for sale as there usually are. The rental vacancy rate is 7.1 percent. The rate went up after the pandemic when it was at its lowest. The rate is still below the average. The homeowner vacancy rate is 1.2 percent. The homeowner vacancy rate has stayed close to the lowest point it has reached in the last 67 years.
Low vacancy rates mean there are not enough homes for people who want to buy a home. Prices stay high when there is not enough supply, even if people do not want the goods as much. Builders have built more homes with new construction. But new construction has not changed the whole situation enough.
South Florida’s Affordable Housing Challenge
South Florida does not have many homes that people can afford. Only 14 percent of people who rent have enough money to buy a home. Most families need to earn about 168,000 dollars a year to buy a typical home. Most families with two people working make around 115,000 dollars a year.
In Miami-Dade County, only 2 percent of homes for sale cost 400,000 dollars or less. Most families with average pay see that the cost of homes is too high.
I want to know what could happen during the rest of 2026.
Some housing experts say that things may improve in 2026. Mortgage rates may drop to around 5.8 to 6.3 percent before the year ends. Sales of single-family homes may rise by about 1 to 2 percent compared to 2025.
Home prices in South Florida may go up by around 4 percent in 2026. This increase will be slower than the bigger changes that happened during the pandemic years. Home prices might rise faster in places like Homestead, Miami Gardens, Port St. Lucie, and Riviera Beach because these places cost less.
The luxury market is strong. In 2026, South Florida will have the second highest number of home sales over 10 million dollars.
What this means for buyers, for sellers, and for renters
Buyers can find more options now than they could in the last few years. When the market has more homes for sale and the prices stay the same, people get more time to look at homes. People have more choices for homes. People can talk with sellers and agree on a fair price more easily. Many people cannot buy a home now. Home prices are high. Mortgage rates have also gone up.
Sellers need to set fair prices in the market. If homes cost about 3 to 5 percent more than they should, homes often take longer to sell and buyers do not make offers. Homes with the right price sell fast. These homes often get better offers.
People who rent look at the market often and feel lost. The market shows mixed signs, so renters feel unsure. There are more empty rentals now, so renters have more homes to choose from. Many people look for apartments in Miami. Around 19 renters try to get each available apartment in Miami. Rents are still high. Saving enough money for the down payment is hard.
The housing market in South Florida and in other parts of the country keeps changing after the pandemic. People see homes sell fast in some areas. In other places, homes may stay on the market longer. Prices go up in some cities and fall in others. The housing market feels uncertain now. Many people keep watching to see what happens next. The market still faces some trouble with prices. Now there is a new balance between supply and demand. This gives everyone some chances and some problems as we move through 2026.
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