The cost of living is a bit higher than some areas of the country, though you can still find rental houses at reasonable prices. If you want to rent to own, the average cost is $950 per month. If you are looking to buy outright instead, you're looking at average costs of $220,000. Most homes are valued at about $130,000. About 70 percent of residents own their homes, leaving less than 30 percent to rent. The vacancy rate for homes is less than 10 percent on average. Most of the properties are single-family homes that are not too old, as they were built between the 1940s and the 1970s. Due to Hialeah's growth, you should have no problem finding rental homes here.
Hialeah, FL is a great place for affordable rent-to-own homes! With a median household income of over $38,471 and a median rent of $1,210, the Hialeah, FL rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Hialeah, FL. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
Hialeah, FL is seeing rapid growth and Hialeah, FL's' housing market remains not optimal with an average home price that is 18% above the 2023 national average. Hialeah, FL is part of Miami-Dade county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2023 for county Miami-Dade is 1.02% which is above the national average, which is 0.99%.