They say the ones that fall the hardest are the first to get up, or did I just butcher that whole saying? We’re here to continue bringing good news about Miami’s changes and how these affect real estate. Of course we make a living from helping clients buy and sell Miami real estate, so it only makes sense.
Miami in 2008 was in the worse shape it had been in ages. On top of a global economic meltdown, the area’s local real estate market had collapsed and the foreclosure crisis was at three-alarm status. So it’s really no surprise that the city has grown so much since then considering it had such a long way to go. In fact, according to a new WalletHub analysis, Miami had the second-most “socioeconomic growth” since 2008 of any large American city save for Austin, Texas.
WalletHub compared 515 U.S. cities of varying sizes across 10 key metrics, ranging from population growth to unemployment rate decrease. In order to identify the American cities that grew the most rapidly in socioeconomic terms, these 515 cities of varying sizes, received scores based on 2 key dimensions, “Socio-Demographic Lanscape” and “Jobs & Economic Environment.” Socio-demographic landscape included:
- population growth
- the increase of the working-age population (those between 16 and 64)
- decrease in poverty rate
The jobs and economic measure included:
- median household income growth
- the decrease in unemployment
- job growth
- change in the ratio of part-time to full-time jobs
- growth of the regional GDP per capita
- increase in number of businesses
- increase in the median home price
Miami came in second for big cities overall and 17th of all 515 cities measured. Other cities measured include Miami Beach, Miami Gardens, Hialeah and Kendall. Kyle finishes off by saying:
So, while Miami continues to surge, thanks in large part to rapid real estate growth, the rest of the county isn’t necessarily reaping the benefits.