Richmond West, Miami, FL—33177
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 $569,000, with a year-over-year change of -1.7%. This indicates that home prices in Richmond West, Miami, FL are decreasing. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $569,000 | -1.7% |
| Single Family | $572,000 | -2.2% |
| Condos | $364,000 | -5.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $438,000 | -1.8% |
3 Bed | $538,000 | -2.0% |
4 Bed | $647,000 | -1.8% |
| 5 Bed | $839,000 | -0.1% |
% of Housing Stock
Rental Trends — Richmond West, Miami, FL
As of July '25, Rentcast reports the average rent in Richmond West, Miami, FL is $2,970, with a year-over-year rent change of -8.3%. Per bedroom, the median rent as of July '25 in Richmond West, Miami, FL is studios: $1,370, 1-bedrooms: $1,500, 2-bedrooms: $2,340, 3-bedrooms: $3,130, 4-bedrooms: $4,140. The most common rental property sizes in Richmond West, Miami, FL are 3-bedroom and 2-bedroom, accounting for 41.6% and 27.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,800 | $2,970 |
| Studio Rent | $1,400 | $1,370 |
| 1 Bed Rent | $1,500 | $1,500 |
| 2 Bed Rent | $2,300 | $2,340 |
| 3 Bed Rent | $3,000 | $3,130 |
| 4 Bed Rent | $3,900 | $4,140 |
% 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 63. This is a increase of 32.0% 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 20.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $648,000 | -5.0% |
Listing Count | 231 | 26.0% |
| Listings as % of Homes | 0.9% | 26.0% |
Days on Market | 63 | 32.0% |
Demographics — Richmond West, Miami, FL
As of the latest ACS Survey released in 2023, Richmond West, Miami, FL has a population of 58,100, which has remained stable by -0.1% over the past 5 years. Richmond West, Miami, FL is a moderately popular place for families, as children make up 20.6% of the population. The area has a poorly educated workforce, with 22.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 58,100 | -0.1% |
% Under 18 | 20.6% | 2.5% |
% Seniors | 16.9% | 25.2% |
% WFH | 9.6% | 317.4% |
% w/ College Degree | 22.7% | 7.1% |
As of the latest ACS Survey released in 2023, Richmond West, Miami, FL is a predominantly hispanic area, with 76.0% of the population identifying as hispanic. The hispanic population has shrunk by 0.5% in the last 5 years. The second most common race or ethnicity in Richmond West, Miami, FL is black, making up 13.4% of the population. Foreign-born residents account for 50.4% of the population in Richmond West, Miami, FL, and this percentage has decreased by 6.3% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 8.0% | -20.8% |
% Black | 13.4% | 18.6% |
% Hispanic | 76.0% | -0.5% |
% Asian | 1.1% | -15.4% |
% Foreign Born | 50.4% | -6.3% |
Mortgage and Risk — Richmond West, Miami, FL
According to HUD data as of 2023, there were 730 mortgage originations in Richmond West, Miami, FL, of which 75.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 37.0% above 90% LTV (very high). This implies large mortgage risk in Richmond West, Miami, FL. Investor activity is low, as 2.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 730 |
% Conventional Loans | 75.0% |
% Government Loans | 25.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 14.0% |
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 6.1%. 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 | 346 |
Total Units Section 8 | 258 |
% Rentals under Section 8 | 6.1% |
% Occupied Section 8 | 87.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $780 | $1,500 | $2,280 |
| 2 Bedroom | $500 | $2,300 | $2,800 |
| 3 Bedroom | $620 | $3,000 | $3,620 |
| 4 Bedroom | $340 | $3,900 | $4,240 |
Affordability — Richmond West, Miami, FL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.4 |
| Median Home Price | $569,000 |
| Median Household Income | $77,300 |