Realtor.com released an analysis recognizing the 10 fastest growing neighborhoods in America that are expected to grow even faster over the next 5 years and, with no surprise, Downtown Miami ranks #4 on the list. This list of “Boom Towns” includes an interesting mix of cities where economic growth is exponential and there is an abundance of job opportunities and prime real estate.
So how did Realtor.com perform their analysis???
An economic data team gathered projected measures of job creation, household formation and new construction for 2016 to recognize the top growth counties. Every neighborhood listed in the boom town list (based on zip code) has seen up to 5 times the job growth of the top 100 counties in America. Household expansion in each of the areas is up to 7 times the growth of the top 100 counties and new homes are up to 6 times the growth. Most significantly, each zip code is projected to experience household growth of 9-19% over the next 5 years.
The chief economist of this analysis, Jonathan Smoke, said that the neighborhoods on the boom town list “are experiencing the most balanced growth.” This includes “job creation that leads to the country’s greatest growth in households and more new construction, which is needed to enable the forecasted growth.”
#4 Downtown Miami (33132)
Downtown Miami, most importantly, has a projected 5-year household growth of 14.9%!
Miami has been globally known, until that last few years, only for its tropical weather, nightlife and beaches (even though the beaches are in Miami Beach). But, Downtown Miami has much, much more to offer than people think…especially when compared to Miami Beach.
Greater Downtown Miami (not just the zip code listed above), which includes Downtown Miami, Design District, Midtown and Brickell, is absolutely booming with new urban developments, nightlife, condos, and shopping. Specifically, Brickell City Centre and Miami Worldcenter are bringing so much growth to Downtown Miami. Moreover, Miami Worldcenter is the 2nd largest urban development in the country, second only to Hudson Yards in NYC, and is set to include a signature condo building dubbed Paramount Miami, and a Lincoln Road/Shops at Bal Harbour-esque promenade with lots of shopping, restaurants and entertainment.