MIAMI’S MILLENNIAL MIGRATION RESHAPES REAL ESTATE
Miami has long been criticized for overbuilding. 20,000 condo units were developed in the city’s urban core between 2005 and 2009 alone – double the amount built during the 40 years prior.
But according to the Miami Downtown Development Authority’s (Miami DDA) latest demographics study, this development has paved the way for a rapid migration of young professionals into the urban core.
Downtown Miami’s population has grown by 150% since 2000, with 90,000 people calling the urban core home. Roughly half of the area’s residents are between the ages of 20 and 44, a demographic shift that’s giving way to a community of highly-educated, health conscious, pet-friendly millennials.