Recently released Census data has revealed that Miami was the second fastest growing city last year. It had an increase in population of 2.9% which added up to be an addition of 12,715 people. This was quite an increase. In fact, it was the biggest increase of the decade for Miami, and that could be some very good news for the economy, as well as the real estate market, as the growth does not show any signs of slowing. The only city that is growing faster than Miami is Seattle.
It Keeps on Growing
Even though this might be the biggest gain in this decade, there has been growth each year since 2010, and that growth has been consistent. Since the start of the decade, there has been an increase of 13.5%, which works out to be 399,457 people. When it comes to density of the population, the only cities ahead of Miami are New York, San Francisco, and Boston. In addition to being second fastest growing city, the Miami metro area is the fastest growing metro area in the nation.
Fastest Growing City – What Does This Mean?
You might be wondering just what this means. It means that Miami is a vibrant and growing city that is expanding with more jobs. With the additional jobs and more people coming to the city, there needs to be more housing. The developers in the city have been working hard to keep up with the growth. Some may believe that there is an abundance of housing, but with the constant growth, it is needed. It also means that with more people coming to the city, the price of the homes available could start to increase.
With the increase in population, you might see an even bigger increase in the number of projects being developed, which could help to keep the prices at a reasonable level. They are still likely to grow, but more properties could help to keep the prices in some of the areas more affordable.
Investing in property in and around the city, whether it is residential or commercial could be a very good idea. This is true whether you plan to live in the property or you are going to be using it for a rental property. With the interest in this city increasing, it means that the property prices will likely be going up in the coming years. The growth might not be as fast as it had been in the past, as price increases have slowed as mentioned, but it is still growing.
The same is certainly true of retail and commercial properties. Businesses are looking to cash in on the interest in Miami. If you have the money, investing in commercial property could be a good idea.
It will be interesting to see just how long the growth trend continues. It might be a good idea to take advantage of it while you can.