Miami Ranks as #2 City for Millennial Home Buyers

 
Diverse employment opportunities, walkability, culture, entertainment and living in a live/work/play environment drives Millennial buyers to Miami, pushing Miami to the 2^nd top city in the country for millennial home buyers, according to a 2017 Realtor.com study.

Although Miami has received a lot of backlash as a not-so-friendly-city to Millennial home buyers, the Realtor.com study shows that this does not stop Millennials from flocking to the Magic City.

The study analyzed 60 cities in the U.S. and examined the employment opportunities, walkability of the neighborhoods, art and culture and entertainment venues of each city since these factors seem to be the most important to Millennials, America’s largest generation. Further, according to the National Association of Realtors, Millennials make up the largest percentage of home buyers in the U.S. at 34% and make up 64% of 1^st-time home buyers today, which will affect the real estate market for decades going forward.

Why Miami?

Miami offers much more than beaches and tropical weather. Miami offers diverse employment opportunities, walkable neighborhoods and an eclectic variety of art, culture and entertainment.

Diverse Employment Opportunities. Miami is now recognized as a top-ranked “startup” city and offers such a variety of job opportunities for Millennials that include the country’s top tourism industries, international trading, real estate, banking, technology and more.

Walkable Neighborhoods. Most studies indicate that Millennials prefer walkable neighborhoods and according to the 2017 Walk Score, Miami was ranked the 4^th most walkable city in the U.S., and it is only getting more pedestrian friendly. The ongoing transformation of Downtown Miami has highly contributed to the walkability factor because of the new Underline, the free Metromover, and Miami’s 25-mile Metrorail. Also, so many of the new condo buildings in Downtown and Brickell are now mixed-use, providing a live, work & play atmosphere, such as Brickell City Centre, where literally everything is steps away from your residence. Coconut Grove, Midtown and Wynwood also play a big role in the walkability of Miami.

Art, Culture & Entertainment

Over the last 10-15 years, Miami has dramatically added to its art and cultural offerings, allowing Miami to become one of the most recognized and celebrated artistic cities in the world. From the super colorful Wynwood Walls and the trendy Design District to the state-of-the-art museums including the Philip and Patricia Frost Museum of Science and the Perez Art Museum, Miami offers such an extensive range of art and culture, fun for all ages. In addition, one cannot write about art and Miami and leave out Art Basel Miami Beach, which is the largest modern art fair in the entire country and one of the biggest in the entire world. The annual Art Basel, which occurs the first week of each December, attracts more than 77,000 visitors, $3 Billion in art and many high-net-worth individuals, celebrities, artists, and anybody who is somebody.

Art Basel Miami Beach 2016

Design Miami 2016

In addition to the art culture, Miami offers more entertainment than you can imagine, much more than the usual club scene. Miami offers a variety of music festivals including Ultra Music Festival, food and wine festivals such as the famous SoBe Wine & Food Festival, sports stadiums, concert venues, performing arts centers and so much more.

If you, or someone you know, are interested in purchasing a luxury condo or home in Miami, please contact Michael Light, Director of Luxury Sales at Douglas Elliman. You may reach Michael at (786) 566-1700 or michael@miamiluxuryhomes.com.

Disclaimer: The information contained herein, obtained from a third party, is for informative purposes only, and should not be relied upon. Also, please note that Miami and Miami Beach are different cities, but for the purpose of this article, we lumped them into one category.