“South Florida by the numbers” catalogs the most notable, quirky and surprising real estate statistics.
Alongside Miami’s record-breaking luxury and penthouse sales, another kind of real estate story is reshaping the city, measured not in price per square foot, but in thousands of units at a time.
A wave of workforce and affordable housing development is gaining serious momentum, driven by public-private partnerships, state incentives and relentless demand from a growing population priced out of market-rate housing.
Developers are increasingly drawn to the affordable market for its stability, predictability and public incentives. At the same time, government agencies are leveraging land and policy (particularly through the Live Local Act) to unlock sites that would have been nearly impossible to develop a few years ago.
The pipeline of housing that supports the region’s workforce is spelled out in this edition of “South Florida by the numbers.”
10,000
Estimated new public housing units approved by the Miami-Dade Board of County Commissioners over the past year, according to The Real Deal’s analysis. Through the federal Rental Assistance Demonstration (RAD) program, the county has partnered with private developers to demolish or renovate older properties and replace them with modern, higher-density communities that include affordable and workforce housing. County officials and developers frame the effort as a win for residents, who get new housing at similar rents. Meanwhile, the county generates revenue and revitalizes neglected neighborhoods, and the broader market gains affordable supply.
97 percent
Increase of affordable Miami-area housing units completed from 2020 to 2024, versus the number of units that became available from 2015 to 2019. The creation of 8,690 units in that time earned the Magic City a No. 10 ranking nationwide. That only accounted for entirely affordable developments, excluding some mixed-income buildings that benefitted from the Live Local Act.
$880 million
Cost to develop and build The HueHub, Miami’s largest project to be built under the Live Local Act. Demolition began this month on the 12-acre site in the West Little River neighborhood (near the Northside Metrorail Station and Tri-Rail). The development is aimed at providing attainable apartments for essential workers including firefighters, police officers, educators, healthcare professionals, hospitality workers and service employees. Forty percent of the 4,032 units will be reserved for individuals earning at or below 120 percent of the local median income. Rents will start at roughly $1,300 for a studio, $1,600 for a one-bedroom apartment and $1,900 for a two-bedroom unit, according to the developers.
72 percent
Percentage of the 5,427 units being built in fully affordable South Florida projects, as of January, that are located in Miami-Dade submarkets like Opa-Locka, Homestead, Goulds, Kendall, Overtown and Florida City, according to Miami Realtors. This geographic spread reflects how the Live Local Act is unlocking development opportunities across different zoning types: urban infill, suburban land and transit-adjacent areas — and how affordable housing growth is becoming a regional phenomenon across South Florida.
24
The number of affordable rental units for every 100 extremely low-income renters statewide, according to the Florida Housing Coalition. However, new projects like Dulce Vita (Allapattah’s first under Live Local) will receive government support to keep rents below market rate for low- to moderate-income residents.
This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.