The population of Downtown Miami is exploding, with officials estimating the number of people living downtown has grown by 38 percent since 2010. But it’s not just that the number of Downtown dwellers is rising: the demographics of the neighborhood could change the face of Downtown, and perhaps help the area’s condo market.
A new study by the Miami Downtown Development Authority shows that Downtown has over 92,000 residents this year, a 38 percent increase from 2010 and a 65 percent jump from 2000. (The study considers Brickell, Edgewater, Midtown, Overtown and Wynwood to be within the 3.8-square-mile Downtown.)
Downtown Miami’s population is expected to rise another 19 percent by 2021, with a total downtown population of 109,000 that will dwarf downtown populations in similar-sized cities like Atlanta (26,850) and Denver (80,000).
These new residents are majority highly educated, young working professionals, according to the study.
Not only are the new residents educated young professionals, they’re also looking to settle down. The number of households living downtown is 47, 198, or almost half the area’s residents and a 42 percent increase in Downtown households since 2010, the study says. Of those households, 17 percent have children.
Downtown Miami might not be currently considered the most family-friendly neighborhoods in the area. But as studies show that millennials prefer to live in urban environments, Downtown’s reputation as a financial hub and nightlife district is changing, according to the Miami Herald.
Miami’s downtown population explosion has outpaces other cities because it had the built-in housing to accommodate the new residents.
“Like population, this continuous growth in households is also explained by the last and current development cycles adding thousands of housing units to the market,” the report reads. “As the current cycle continues to deliver units, we anticipate households to increase simultaneously.”
Some would say that housing in Downtown Miami is still overbuilt. A Cranespotters report shows that 500 luxury condo units in the area were available in March and that the local market has an astounding 6.5-year supply. (A healthy market generally has about 6 months supply.)
Despite the daunting supply numbers, Downtown Miami’s popularity with young families and new residents is a promising trend for an up-and-coming area.