logo
    AI-Generated Neighborhood Summary

    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 less
    StreetView
    Neighborhood Insights
    Key metrics about this location

    Neighborhood 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

    $283,200

    Walk Score

    -

    Bike Score

    -

    Median Household Income

    $47,976
    Nat'l Avg: $69,021

    Percent Under Poverty

    21%
    Nat'l Avg: 12%

    Median Contract Rent

    $1,419
    Nat'l Avg: $988

    Owners vs Renters

    12% / 63%
    Nat'l Avg: 57% / 31%

    Vacant Housing Units

    24%
    Nat'l Avg: 11%

    Unemployment Rate

    3%
    Nat'l Avg: 3%

    College Degree

    26%
    Nat'l Avg: 21%

    Dominant Race

    White
    Nat'l Avg: 68%

    Married-Couple Families

    27%
    Nat'l Avg: 48%

    Owners Without Morgages

    31%
    Nat'l Avg: 38%

    Mortgage ≥ 30% Income

    43%
    Nat'l Avg: 27%

    Rent ≥ 30% Income

    N/A
    Nat'l Avg: 46%

    Non-US Citizens

    36%
    Nat'l Avg: 7%
    Location Map
    Overview of the neighborhood
    Nearby Places
    Essential locations and points of interest in the area

    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

    Neighborhood Assessment
    Key advantages and considerations for this area

    Dynamic Insights

    The median sale price of homes in Miami Beach reached $799,000 in February 2025, marking a 71.1% increase from the previous year.
    In Q4 2024, the median price per square foot in Miami Beach was $588, reflecting a 6.5% year-over-year increase.
    The Miami Beach housing market is currently a buyer's market, with homes averaging 106 days on the market as of January 2025.
    Projections for 2025 indicate a 10% growth in single-family home prices and a 2.5% increase in condominium prices in Miami Beach. These insights highlight significant trends in Miami Beach's real estate market, including substantial price appreciation and current market conditions.

    Custom Narratives

    The median property value in Miami Beach increased by 1.82% from 2022 to 2023, reaching $542,000, indicating a steady appreciation in real estate values.
    The median household income in Miami Beach grew by 2.91% over the same period, rising to $67,014, suggesting a strengthening local economy.
    South Beach is renowned for its vibrant Art Deco architecture, dynamic nightlife, and diverse cultural events, making it a major attraction for both residents and tourists.
    The neighborhood's walkability and active lifestyle appeal to individuals seeking a lively urban environment with easy access to beaches and entertainment. These insights highlight the area's economic growth and unique community attributes, offering valuable context for potential homebuyers.

    Green Flags

    Proximity to beautiful beaches
    Vibrant nightlife options
    Diverse dining experiences
    Thriving arts and culture scene

    Red Flags

    High noise levels
    Heavy traffic congestion
    Limited parking availability
    Expensive housing costs
    Flood Risk Assessment
    FEMA flood zone information and historical flooding data

    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.

    Upgrade to Starter Plan

    $29.99/month

    Access to 15 property reports per month

    Detailed neighborhood demographics and lifestyle data

    School ratings and educational opportunities

    Crime statistics and safety assessment

    Property value trends and investment potential

    Flood risk analysis and FEMA zone information

    AI-powered recommendations and insights

    Subscription Features
    15 reports/mo

    Monthly subscription. Download and save reports, access interactive features, and receive monthly market updates.

    Cancel anytime. No long-term commitment required.