Two recent reports have secured Miami’s place as one of America’s top growth cities.
First, an analysis by financial site SmartAsset ranked Miami #4 of a list of the nation’s top “boomtowns,” which are characterized by prosperity and robust development, and are often desirable places to put down roots and take out a mortgage. Not only was Miami ranked fourth–it was also the top big city, following only Longmont, CO; Denton, TX; and Mount Pleasant, SC.
The SmartAsset analysts looked at government data for their rankings, and here is how Miami scored in several of the key metrics:
- 5 year population change increase of 9.43%
- 5 year average yearly GDP growth of 3.39%
- 5 year change in number of establishments 8.79%
- 5 year housing growth rate 10.11%
- 5 year change in median household income 31% (second highest in the top 10)
Meanwhile, a different report by the Census Bureau found that Miami-Dade county has seen a major population boom fueled by international migration.
According to the report, 265,146 new international migrants arrived in Miami-Dade between 2010 and 2018, increasing the county’s population by 15.1%. This number is second only to Osceola County, Florida, which grew 15.9%, although by a smaller numeric increase: Osceola received 42,460 international migrants, many from Puerto Rico (which is counted as “international” by the Census Bureau). In all, this means that almost 15% of Miami-Dade residents didn’t even live in the US a decade ago.
The state of Florida now ranks number one nationwide for international migration. It is no surprise that developers have set their sights on our state, and there has never been a better time to invest in South Florida. Contact ComReal for any of your sales or leasing needs today.