By Gay Cororaton, MIAMI REALTORS + RWorld Chief Economist
Key Takeaways
- The market value of owner-occupied and seasonally vacant housing in South Florida rose to $1.6 trillion as of the end of May 2026, up 7% from one year ago and 131% from the level as of the end of 2019.
- South Florida’s real estate and rental and leasing industry accounted for 21% of the area’s GDP compared to 14% nationally.
- The real estate services associated with the sale and use of an existing home valued at the median sales price in May 2026 results in a direct and indirect economic impact of $100,100 in South Florida on average, with a higher impact in Miami-Dade County at $117,800.
Download the South Florida Real Estate and Rental Leasing Impact on Housing Wealth and the Economy July 2026 Report HERE.
South Florida: $1.6 Trillion in Housing Wealth in Owner-Occupied and Seasonally Vacant Housing Units as of May 2026
South Florida’s real estate and rental and leasing industry is a major contributor to economic growth and plays an invaluable role in wealth creation.
As of May 2026, MIAMI Realtors + RWorld estimates that the market value of 1.8 million owner-occupied or seasonally vacant (“vacation”) homes in the South Florida counties of Miami-Dade, Broward, Palm Beach, Martin, and St. Lucie was $1.6 Trillion or 2.3 times the level of GDP, with an average sales price of $893,900. This is a 7.1% increase from the level in December 2025 and is 131% above the level in December 2019.
Nationally, MIAMI REALTORS® + RWorld estimates that the market value of 90.9 million owner-occupied and seasonally vacant homes nationally is $52.5 trillion or 1.7 times the national GDP based on the average existing home sale price of $577,500 (NAR average sales price estimate). Nationally, housing wealth rose 7.2% from the level in December 2025 and is 100% above the level in December 2019.
Price appreciation has been the driver of the increase in South Florida’s housing wealth derived from owner-occupied and seasonally vacant homes. As of May 2026, the median sales price (weighted average) in South Florida was $510,000 or an 82% increase compared to the median sales price in 2019, outpacing the 58% gain nationally.
Wealth migration, particularly from the high-tax states of New York, New Jersey, and California and the continuing transformation of South Florida’s economy and job market toward professional and business services and finance activities have underpinned the demand for upper-tier and million-dollar homes.
South Florida’s Real Estate and Rental and Leasing Industry as of 2024: 21% of GDP
In 2024, South Florida’s real estate and rental and leasing industry (NAICS 53) industry output (value added) in current dollars was $124 billion or 21% of the area’s gross domestic product (GDP), outpacing the national industry share of 14%. South Florida’s real estate and rental and leasing industry has grown at a faster pace than nationally, up 61% from the level in 2019, outpacing the national increase of 44%.
As of the end of 2025, there were 81,011 people employed in the real estate and rental and leasing industry per the Quarterly Census of Employment and Wages, accounting for 2.7% of employment compared to 1.5% nationally.
Aggregate real estate taxes paid on owner-occupied homes in South Florida was $8.9 billion in 2024, per the US Census Bureau American Community Survey. This accounts for 7.2% of GDP, which is lower than the 9.1% share nationally. Lower property taxes are a key driver of out-of-state migration into South Florida.
Direct and Indirect Economic Impact of the Sale/Use of an Existing Home in South Florida as of May 2026: $100,100
The sale of an existing home contributes to economic output through the services of establishments that buy/sell, lease, manage, and appraise property for others. The use of an existing home also creates value through rental services, including imputed rent for owner-occupied housing. The repair and remodeling of existing homes also create economic output. The impact of a dollar of spending on these services spurs production and spending in other industries. MIAMI REALTORS® + RWorld estimates that the direct and indirect spending of the sale and use of an existing home based on median existing home sales prices as of May 2026 is $100,100. In Miami-Dade County where home prices are higher, the direct and indirect spending impact is higher at $117,800.
The economic impact of the construction of a new home and induced consumption spending of people employed in the real estate and rental and leasing industry and in the construction of real estate structures will magnify these estimates. Every $1 of direct spending in real estate structures leads to $1.9 direct and indirect spending.
