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IV. HOUSING NEEDS ANALYSIS
<br /> Sunny Isles Beach, with its coastal location and resort-like ambiance, has housing costs
<br /> that are considerably higher than those in the State and region. The median sales price
<br /> for a single family home in Sunny Isles Beach was $1,050,000 in 2014, compared to a
<br /> median sales price of $250,000 in Miami-Dade County and $185,000 in the State of
<br /> Florida. For condominium units, the median sales price in Sunny Isles Beach was
<br /> $347,500 in 2014, compared to $209,000 in Miami-Dade County and $135,000 in the
<br /> State. The median gross rent in Sunny Isles Beach was $1,401 in 2014, compared to the
<br /> median gross rent of$1,085 in Miami-Dade County and $990 in the State.
<br /> Comparative Single Family and Condominium Sales
<br /> Prices, 2014
<br /> $1,200,000 $1,050,000
<br /> $1,000,000 I
<br /> $800,000
<br /> $600,000
<br /> $400,000 $347,500
<br /> $250,000
<br /> 5185,000 185,000 $209,0
<br /> $200,000 5135,000
<br /> $0 - - - -
<br /> Median Sales Price,Single Family Median Sales Price,Condominium
<br /> o Sunny Isles Beach 0 Miami-Dade County o State of Florida
<br /> Comparative Median Gross Monthly Rent, 2014
<br /> $1,600
<br /> $1,401 l
<br /> $1,400
<br /> $1,200 $1;085
<br /> $990
<br /> $1,000 —
<br /> $800 —
<br /> xg
<br /> $600 —
<br /> $400 _ —
<br /> $200 9
<br /> $0 —
<br /> Median Gross Rent
<br /> o Sunny Isles Beach 0 Miami-Dade County 0 State of Florida
<br /> "Housing cost burden", defined as the percent of a household's income that is used to
<br /> pay for housing costs, is frequently used as a measure for determining whether or not
<br /> housing is affordable. According to federal housing program guidelines, housing costs
<br /> should not exceed 30 percent of a household's income in order to be considered
<br /> affordable. The homeownership rate in Sunny Isles Beach is 48.5%, compared to 55.9%
<br /> in Miami-Dade County and 67.6% in the State. Among the 5,089 homeowner households
<br /> in the City, 851 (16%) pay between 30 and 50% of their income and 2,002 (39%) pay
<br /> 10
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