Despite signs of a slowdown, a new report shows that Miami is one of the country’s biggest boomtowns in terms of household growth.
The report, authored by listing service Realtor.com, said Miami is expected to see the fourth most growth in the number of households of any city in the U.S. over the next five years.
Miami is growing three times faster than the average rate for the country’s top 100 counties.
Where do most of the billionaires in Florida live? They reside in South Florida, where 28 of the Sunshine State’s 42 billionaires hold a primary residence, according to Forbes’ “World’s Billionaires” list in 2015.
South Florida claims four more billionaires this year than it did on the list the year before. Florida is attractive for many reasons, one being the lack of state income tax. Many billionaires also have residences in other places.
Overall, the county’s households are slated to grow by 14.9 percent over the next five years. The Miami-Brickell area is quickly becoming a destination for new restaurants, galleries, bars, and hot hangouts.
The report said that Miami’s rapidly redeveloping neighborhoods, such as the downtown area and Edgewater, are to thank for the county’s explosive growth: new mega-projects like Brickell City Centre, Miami Worldcenter, and All Aboard Florida’s MiamiCentral station are all expected to pull in jobs with their office and retail spaces.
A conversation with virtually any developer or architect will inevitably contain the phrase “Miami is a grown-up city now” and will be accompanied with an impressive list of cultural and infrastructural improvements that have taken place over the past few decades. These include the immensely popular Art Basel fine arts show, the emergence of the bohemian Wynwood and Design District neighborhoods, the new Perez Art Museum Miami, the New World Symphony, a vehicular tunnel under the Port of Miami that will accommodate the largest container ships, and shockingly––in a state that refused federal funding for high-speed rail––a privately developed high-speed rail project.
An increasingly diverse set of international investors who see Miami real estate as a safe haven for cash are now inclined to spend more time in the city, due not only to the climate, but the wide range of cultural amenities. The real estate market has responded with a new bout of creativity, bringing in a higher level of sophistication in design and a greater diversity of uses than had previously been seen in the city.