Richmond West, Miami, FL—33187
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Richmond West, Miami, FL
Home Price Trends — Richmond West, Miami, FL
As of Oct '25, the median home price in Richmond West, Miami, FL is $707,000, with a year-over-year change of -2.4%. This indicates that home prices in Richmond West, Miami, FL are decreasing. According to Zillow, the 1-year price projection is 1.9%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $707,000 | -2.4% |
| Single Family | $718,000 | -2.8% |
| Condos | $238,000 | -3.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $473,000 | 0.6% |
3 Bed | $636,000 | -3.2% |
4 Bed | $758,000 | -2.9% |
| 5 Bed | $967,000 | -2.3% |
% of Housing Stock
Rental Trends — Richmond West, Miami, FL
As of July '25, Rentcast reports the average rent in Richmond West, Miami, FL is $3,200, with a year-over-year rent change of -18.6%. Per bedroom, the median rent as of July '25 in Richmond West, Miami, FL is studios: $1,300, 1-bedrooms: $1,410, 2-bedrooms: $2,400, 3-bedrooms: $3,680, 4-bedrooms: $4,280. The most common rental property sizes in Richmond West, Miami, FL are 3-bedroom and 4-bedroom, accounting for 40.3% and 25.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,200 | $3,200 |
| Studio Rent | $1,300 | $1,300 |
| 1 Bed Rent | $1,300 | $1,410 |
| 2 Bed Rent | $2,400 | $2,400 |
| 3 Bed Rent | $3,500 | $3,680 |
| 4 Bed Rent | $4,200 | $4,280 |
% of Rental Stock
Property Listings — Richmond West, Miami, FL
As of Oct '25, Realtor.com reports that the median days on market for a home in Richmond West, Miami, FL is 73. This is a increase of 46.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 22.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $862,000 | -2.0% |
Listing Count | 107 | 13.0% |
| Listings as % of Homes | 1.4% | 13.0% |
Days on Market | 73 | 46.0% |
Demographics — Richmond West, Miami, FL
As of the latest ACS Survey released in 2023, Richmond West, Miami, FL has a population of 18,600, which has decreased by -3.7% over the past 5 years. Richmond West, Miami, FL is a moderately popular place for families, as children make up 19.7% of the population. The area has a moderately educated workforce, with 32.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 18,600 | -3.7% |
% Under 18 | 19.7% | -9.2% |
% Seniors | 18.3% | 15.8% |
% WFH | 10.4% | 65.1% |
% w/ College Degree | 32.1% | 7.4% |
As of the latest ACS Survey released in 2023, Richmond West, Miami, FL is a predominantly hispanic area, with 79.7% of the population identifying as hispanic. The hispanic population has grown by 5.0% in the last 5 years. The second most common race or ethnicity in Richmond West, Miami, FL is white, making up 8.7% of the population. Foreign-born residents account for 50.3% of the population in Richmond West, Miami, FL, and this percentage has increased by 12.8% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 8.7% | -49.1% |
% Black | 7.7% | 37.5% |
% Hispanic | 79.7% | 5.0% |
% Asian | 2.1% | 0.0% |
% Foreign Born | 50.3% | 12.8% |
Mortgage and Risk — Richmond West, Miami, FL
According to HUD data as of 2023, there were 278 mortgage originations in Richmond West, Miami, FL, of which 90.0% of loans were conventional mortgages. The average loan-to-value was 60.0%, with 26.0% above 90% LTV (very high). This implies large mortgage risk in Richmond West, Miami, FL. Investor activity is low, as 1.0% of loans were by investors. 16.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 278 |
% Conventional Loans | 90.0% |
% Government Loans | 10.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 16.0% |
Loan Activity
Rentals and Section 8 — Richmond West, Miami, FL
As of 2024, the percent of homes in Richmond West, Miami, FL under the Section 8 program is 2.0%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Richmond West, Miami, FL, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 20 |
Total Units Section 8 | 20 |
% Rentals under Section 8 | 2.0% |
% Occupied Section 8 | 86.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $1,280 | $1,300 | $2,580 |
| 2 Bedroom | $760 | $2,400 | $3,160 |
| 3 Bedroom | $580 | $3,500 | $4,080 |
| 4 Bedroom | $580 | $4,200 | $4,780 |
Affordability — Richmond West, Miami, FL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.6 |
| Median Home Price | $707,000 |
| Median Household Income | $113,000 |