Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 15,888, 6,231 total housing units (homes and apartments), and a median house value of $471,155, Opa-locka real estate prices are well above average cost compared to national prices.
Large apartment complexes or high rise apartments are the single most common housing type in Opa-locka, accounting for 52.57% of the city's housing units. Other types of housing that are prevalent in Opa-locka include single-family detached homes ( 34.98%), duplexes, homes converted to apartments or other small apartment buildings ( 7.79%), and a few row houses and other attached homes ( 3.76%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.
Opa-locka is dominated by renter-occupied one, two, or no bedrooms apartments. 68.11% of Opa-locka's dwellings are rentals.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Opa-locka's housing was primarily built during this period, from the '40s through the '60s. A full 55.55% of the city's housing hails from this era. Other housing ages represented in Opa-locka include homes built between 1970-1999 ( 27.38%) and housing constructed between 2000 and later ( 15.81%). There's also some housing in Opa-locka built before 1939 ( 1.25%).
In the last 10 years, Opa-locka has experienced some of the highest home appreciation rates of any community in the nation. Opa-locka real estate appreciated 248.63% over the last ten years, which is an average annual home appreciation rate of 13.30%, putting Opa-locka in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Opa-locka definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Opa-locka that despite a nationwide downturn in the housing market, Opa-locka real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Opa-locka appreciation rates continue to be some of the highest in America, at 15.95%, which is higher than appreciation rates in 97.97% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Opa-locka. Opa-locka appreciation rates in the latest quarter were at 3.44%, which equates to an annual appreciation rate of 14.50%.
Importantly, this makes Opa-locka one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Florida, our data show that Opa-locka's latest annual appreciation rate is higher than 90% of the other cities and towns in Florida.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Opa-locka differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Opa-locka - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Opa-locka real estate investment or home purchase decisions.
$471,155
for Florida
for nation
6,231
$2,463 / per month