783 5th St, Miami Beach, FL 33139, is located in the South Beach area, known for its vibrant and lively atmosphere. It's a bustling area with a mix of residential and commercial properties. South Beach is famous for its beautiful beaches, Art Deco architecture, and a wide range of dining and entertainment options. The crime rate in the area can vary, but like many urban areas, it's wise to stay informed about specific neighborhood statistics.
The school district serving this area is Miami-Dade County Public Schools, which includes a mix of highly-rated schools and others needing improvement, depending on the specific location. South Beach offers access to various amenities, including nearby parks such as Flamingo Park and Lummus Park, which provide green spaces, sports facilities, and recreational options. Grocery stores are accessible, with outlets like Publix nearby. Tourist attractions abound, including Ocean Drive, Lincoln Road Mall, and the Miami Beach Botanical Garden.
The average household income in Miami Beach varies, with South Beach often having a higher median income due to the upscale nature of many parts of the area. Nearby neighborhoods like North Beach and Mid-Beach may have different income levels. Job growth in Miami Beach and the greater Miami area has been positive, with tourism, hospitality, and real estate driving much of the economic development. Miami Beach is a part of the larger city of Miami, so you are already in a central urban area.
Read lessNeighborhood Summary
Nestled in a diverse and evolving community, this neighborhood presents an intriguing blend of opportunities and challenges for prospective homebuyers and investors alike. With a median home price of $283,200, the area offers homes that are reasonably priced compared to the national average, creating an accessible entry point for individuals looking to invest in real estate without overextending financially. However, the median household income of $47,976 falls below the national average, potentially limiting purchasing power for some residents and highlighting the importance of strategic financial planning when considering a home purchase here.
A significant aspect of the neighborhood is its rental market, represented by the fact that 63% of the population are renters, leaving only 12% as homeowners. The high percentage of renters, combined with a 24% vacancy rate, suggests a transient or fluctuating population, which can impact community stability and cohesion. Moreover, the rent being unavailable as a percentage of income aligns with the existing financial dynamics, although the median contract rent stands at $1,419. This might stretch budgets for some, especially given that 43% of homeowners allocate 30% or more of their income to mortgage payments, indicating a significant financial commitment.
The demographic profile reveals a community rich in cultural diversity, with 36% of residents being non-US citizens and the dominant race being white. This cultural mosaic adds vibrancy but also suggests potential challenges in achieving economic equity, as reflected by a poverty rate of 21%, notably higher than the national average. Educational attainment, with only 26% holding a college degree, might limit upward mobility and economic opportunities for the residents, further emphasizing the need for targeted community support and development initiatives.
Despite the mixed economic indicators, the neighborhood's unemployment rate is a low 3%, aligning favorably with national figures and reflecting a resilience in job retention. However, the lower prevalence of married-couple families at 27% may suggest a younger or more dynamic population, which can influence community engagement and family-oriented services. For those considering alternatives, neighborhoods within the area with similar median home prices but lower vacancy rates and higher income levels might offer more stability and economic promise. Exploring nearby areas with a stronger owner-to-renter ratio and enhanced educational opportunities could provide more sustainable investment prospects while maintaining affordability.
Overall, this neighborhood presents a tapestry of potential for those looking to invest with a keen eye on economic and social trends. By understanding the intricacies of its demographic and financial landscape, potential buyers and real estate professionals can make informed choices that align with their long-term goals. Whether seeking a vibrant, diverse community or a stable, investment-friendly environment, identifying these dynamics is crucial for successful real estate endeavors.
Median Home Price
Walk Score
Bike Score
Median Household Income
Percent Under Poverty
Median Contract Rent
Owners vs Renters
Vacant Housing Units
Unemployment Rate
College Degree
Dominant Race
Married-Couple Families
Owners Without Morgages
Mortgage ≥ 30% Income
Rent ≥ 30% Income
Non-US Citizens
Flamingo Park
0.3 miles
Mount Sinai Medical Center
2.1 miles
Whole Foods Market
0.6 miles
Joe's Stone Crab
1.2 miles
Equinox South Beach
0.8 miles
Miami International Airport
11.5 miles
Miami Beach Senior High School
1.1 miles
Lincoln Road Mall
0.5 miles
Miami Beach Police Department
0.8 miles
Dynamic Insights
Custom Narratives
Green Flags
Red Flags
Flood Zone
Flood zone information is not available for this property at this time.
Historical Flooding
Historical flood damage records are not available for this property.
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