Downtown Miami Expected to Be America's Fourth Fastest-Growing Neighborhood Over Next Five Years
Climate change? Real-estate slowdown? Rising rents? Continued unease about the health of the local economy? Apparently none of those concerns can curb growth in downtown Miami. According to a new report from Realtor.com, the downtown zip code of 33132 is expected to be the fourth-fastest-growing neighborhood in America over the next five years.
To come to that conclusion, the report took into account projections of job creation, household formation, and new construction within the zip code, but also looked at expected growth in the county as a whole.
"In recent years, urban development with projects such as Miami World Center have brought tens of thousands of new residents to the area," the site says. "Millennial professionals are attracted to the nightlife, restaurants, and shopping, as well as the ability to walk to work."
The report also expects the total number of households in Miami-Dade County to grow three times faster than the average of all the top 100 most populated counties in America. New construction is expected to grow at the same rate, and jobs will grow 4.8 faster than the rest of the nation.
That equals about 13,000 expected new housing starts and 44,000 expected new jobs in 2016 alone.
“The markets we chose are the areas that are experiencing the most balanced growth. They are seeing the job creation that leads to the country’s greatest growth in households,” Jonathan Smoke, Realtor.com's chief economist, said in a statement. “But they are also seeing more new construction, which is needed to enable the forecasted growth.”
Here are the top ten:
1. Power Ranch, Gilbert, AZ
2. Historic Cultural Center, Los Angeles, CA
3. Downtown, Dallas, TX
4. Downtown, Miami, FL
5. Mountain's Edge, Las Vegas, NV
6. Belltown, Seattle, WA
7. Village of Rolesville, NC
8. Williamsburg, Brooklyn, NY
9. The Loop, Chicago, IL
10. Atlantic Station, Atlanta, GA