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Rental Insights for ZIP Code 33031 (Homestead, FL)

Housing Rentals in ZIP Code 33031 (Homestead, FL)

33031 ZIP Code in Florida

An In-depth Rental Snapshot of ZIP Code 33031

The 33031 ZIP Code is primarily located in Homestead, FL in Miami-Dade County. The estimated median housing rent in this Florida region is $1,982 per month. About 16.4% of housing units in this Miami-Dade County ZIP Code are occupied by renters, while the region has an approximate rental vacancy rate of zero.

The median rent in ZIP Code 33031 of $1,982 per month is 69% higher than the aggregate Florida median monthly rent of $1,175, and is 87% higher than the $1,062 the median monthly rent in the U.S. overall. An estimated 38.9% of renters in ZIP Code 33031 pay between $500 and $999 per month for housing. That is 34% higher than in Florida overall, in which 29.0% of total state residents pay between $500 and $999 per month for housing. Just 5.2% of renters in this Homestead, FL region pay less than $500 per month for rent.

ZIP Code 33031 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 33031

See the chart below for a comparison of monthly rental costs in ZIP Code 33031, Florida, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 33031 along with those in the state of Florida and the U.S. overall. For example, what percentage of renters pay between $1,000 and $1,499 monthly.

Rental Cost in ZIP Code 33031

See the table below for the regional comparison of monthly rental costs.

Cost ZIP 33031 Florida U.S.
Less than $500 5.2% 5.3% 9.4%
$500 to $999 38.9% 29.0% 36.2%
$1,000 to $1,499 0.0% 39.0% 30.0%
$1,500 to $1,999 6.1% 17.8% 14.0%
$2,000 to $2,499 35.8% 5.5% 5.6%
$2,500 to $2,999 0.0% 1.9% 2.4%
$3,000 or more 14.0% 1.5% 2.4%

Rent Cost vs. Income in ZIP Code 33031

Renters in ZIP Code 33031 use an estimated 36.02% of their income to cover their monthly rent payments. That is about 13% higher than in Florida overall. The estimate for Florida overall is 31.74% of income used for housing rent payments. In comparison to the U.S. as a whole, ZIP Code 33031 renters use about 21% more of their income to cover rent expense. Household income figures for ZIP Code 33031 come in higher than in Florida as a whole. The median annual household income in ZIP Code 33031 of $78,547 sits approximately 41% higher than the overall Florida median income of $55,660 and approximately 25% higher than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 33031

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 33031, Florida, and also in the U.S. as a whole.

This chart visualizes monthly rent cost as a percentage of household income in ZIP Code 33031 along with the same calculations in the state of Florida and the U.S. overall. For example, what percentage of renters pay 15.0 to 19.9 percent of the monthly household income toward rent.

Rent as a Percentage of Income in ZIP Code 33031

See the table below for the regional comparison of monthly rent as a percentage of household income.

Rent Cost as % of Income ZIP 33031 Florida U.S.
Less than 15.0 percent 0.0% 8.9% 13.1%
15.0 to 19.9 percent 5.2% 10.7% 12.9%
20.0 to 24.9 percent 21.8% 12.4% 12.9%
25.0 to 29.9 percent 5.2% 11.7% 11.6%
30.0 to 34.9 percent 0.0% 9.6% 9.1%
35.0 percent or more 67.7% 46.7% 40.5%

Household Income in ZIP Code 33031

See the table below for the regional comparison of annual household income in ZIP Code 33031.

Income ZIP 33031 Florida U.S.
Less than $10,000 3.4% 6.5% 6.0%
$10,000 to $14,999 0.7% 4.3% 4.3%
$15,000 to $24,999 5.6% 9.9% 8.9%
$25,000 to $34,999 4.2% 10.3% 8.9%
$35,000 to $49,999 9.0% 13.9% 12.3%
$50,000 to $74,999 24.6% 18.3% 17.2%
$75,000 to $99,999 17.5% 12.4% 12.7%
$100,000 to $149,999 20.6% 13.1% 15.1%
$150,000 to $199,999 8.6% 5.3% 6.8%
$200,000 or more 5.8% 6.0% 7.7%

Household Income in ZIP Code 33031

See the chart below for a comparison of annual household income figures in ZIP Code 33031, Florida, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 33031 alongside the same figures for the state of Florida and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 33031

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 33031.

ZIP 33031 Florida U.S.
Median Housing Rent $1,982 $1,175 $1,062
Renter-Occupied Housing Units 16.4% 34.6% 36.0%
Rental Vacancy Rate 0.0% 8.4% 6.0%
Average Size of Renter-Occupied Unit 3.52 2.67 2.49
Average # of Bedrooms Per Unit 3.62 2.63 2.75
Percent of Income Spent on Rent 36.02% 31.74% 29.83%
Per Capita Income $32,446 $31,619 $34,103
Median Household Income $108,094 $80,286 $88,607
Living Below the Poverty Line 4.2% 10.0% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 33031

In ZIP Code 33031 (Homestead, FL), and estimated 16.4% of housing units are occupied by renters. This region has an approximate rental vacany rate of 0.0%.

The per capita income in 33031 is estimated at $32,446, which goes along with an estimated median household income of $108,094. About 4.2% of residents in this Miami-Dade County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 3.52 occupants, while the units have an aggregate average size of 3.62 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 36.02% of their income on housing rental costs.

Rental FAQs for ZIP Code 33031

1

What is the median monthly rent in ZIP Code 33031?

Median rent for housing in ZIP Code 33031 in Miami-Dade County in Florida is approximately $1,982 per month.
2

Is it expensive to rent in ZIP Code 33031?

Rent in ZIP Code 33031 is higher than average in the state of Florida overall. The median monthly rent of $1,982 in ZIP Code 33031 is approximately 69% higher than the Florida median of $1,175. Additionally, median rent in this Homestead, FL region ($1,982) is about 87% higher than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 33031?

High-priced rentals are more common in ZIP Code 33031 than in Florida overall. The percentage of rentals in ZIP Code 33031 that cost $3,000 or more per month (14.0%) is about 833% higher than the Florida rate of 1.5% that cost that much. Additionally, the overall U.S. rate of 2.4% paying $3,000 or more per month is about 483% lower than the aforementioned 33031 rate of 14.0%.
4

Are affordable rentals common in ZIP Code 33031?

Affordable rentals are more common in ZIP Code 33031 than in Florida overall. The percentage of housing rentals in ZIP Code 33031 costing $999 or less per month (44.1%) is approximately 29% higher than the Florida rate of 34.3% that fall in that range. In addition, the aggregate U.S. rate of 45.6% paying $999 or less per month is about 3% higher than the previously mentioned 33031 rate of 44.1%.
5

What is the most common cost range that rentals fall into in ZIP Code 33031?

The most common range for rental cost in ZIP Code 33031 is between $500 and $999 per month. About 38.9% of renters in 33031 pay in this range for monthly rent. In comparison, approximately 29.0% of renters in the state of Florida fall in the between $500 and $999 range, and 36.2% of overall U.S. renters fall in this range.
6

Does ZIP Code 33031 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 33031 is lower than the rental vacancy rate in the state of Florida overall. Rental vacancy of 0.0% in ZIP Code 33031 is about 100% lower than the Florida rate of 8.4%. Looking more broadly, rental vacancy in this Homestead, FL region (0.0%) is an estimated 100% lower than the estimated rental vacancy rate of 6.0% in the U.S. overall.
7

What is the average household income in ZIP Code 33031? How does it compare to other Florida regions?

Median household income in ZIP Code 33031 is higher than in the state of Florida overall. Annual household income of $78,547 in ZIP Code 33031 is about 41% higher than the Florida median of $55,660. Additionally, median household income in this Homestead, FL region ($78,547) is approximately 25% higher than median household income of $62,843 in the U.S. as a whole.
8

How much of their income do renters in ZIP Code 33031 spend on housing costs?

Renters in ZIP Code 33031 spend a higher amount of their income on rent costs than do renters in Florida overall. Renters in ZIP Code 33031 spend an estimated 36.02% of their income on rent payments, which is about 13% higher than the overall Florida estimated rate of 31.74%. In addition, the aggregate U.S. estimated rate of 29.83% of income spent on housing rental costs is about 21% lower than the ZIP Code 33031 estimated rate of 36.02%.
9

Do renters in ZIP Code 33031 typically spend a large portion of their income on rent payments?

It is common for renters in ZIP Code 33031 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 33031 spending 30 percent or more of their income on rent costs (67.7%) is approximately 20% higher than the Florida rate of 56.3% that spend that much. In addition, the overall U.S. rate of 49.6% paying 30 percent or more of their income on rent costs is about 36% lower than the aforementioned 33031 rate of 67.7%.
10

What is the average household size of renter-occupied units in ZIP Code 33031?

The average household size of renter-occupied units in ZIP Code 33031 is higher than in the state of Florida overall. Annual household size of 3.52 in ZIP Code 33031 is about 32% higher than the Florida median of 2.67. Additionally, median household size in this Homestead, FL region (3.52) is approximately 41% higher than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other Florida ZIP Codes