JTHS Council of the MIAMI Association of REALTORS - Jupiter, Tequesta, Hope Sound



Miami is Second-Hottest U.S. City for Millennials

by | Jun 21, 2017

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Diverse employment opportunities, a thriving downtown, walkable neighborhoods, state-of-the-art museums and top entertainment venues make Miami the second-most desired U.S. city for millennials, according to a 2017 Realtor.com study.

The study, which analyzed 60 large U.S. cities, is significant because millennials are America’s largest generation with enormous purchasing power. The 25-to-34-year olds comprise the largest percentage of home buyers (34 percent) in the United States, according to the National Association of REALTORS® (NAR). Millennials make up 64 percent of first-time home buyers today and will factor significantly in real estate for decades.

Employment opportunities
All-year sunny weather isn’t the only reason millennials are attracted to Miami. The area boasts a diversity of job opportunities and a top-ranked startup culture.

Millennials moving to Miami can work in one of the nation’s top tourism industries, banking, international trading, real estate, technology, construction and more.

The Miami-Fort Lauderdale area ranks No. 1 among the 40 largest metro areas in the U.S., according to a new study of startup activity by the Kauffman Foundation. Miami sees the nation’s highest rate of new business entrepreneurs and startup density.

Walkable Neighborhoods
Millennials love walkability, according to many studies. Miami is the fourth-most walkable city in the United States, according to the 2017 ranking by Walk Score.

Downtown Miami, which is home to the free Metromover in addition to Miami’s 25-mile Metrorail, is one of the area’s most walkable neighborhoods.

The walkability and access to cultural institutions such as Downtown’s Adrienne Arsht Center for the Performing Arts, the Phillip and Patricia Frost Museum of Science and the Pérez Art Museum Miami (PAMM) have helped attract many millennials to Downtown. Downtown Miami, which has added many bars and nightlife options in recent years, was recently ranked as America’s fourth-fastest growing neighborhood, according to Realtor.com.

Downtown Miami’s projected five-year household growth is 14.9 percent, according to Realtor.com

New high rises, multi-family homes and condominiums in other Miami neighborhoods like Wynwood, Midtown, Brickell, South Beach and Coconut Grove have helped increase Miami’s walk score to 79.2, according to Walk Score.

Art & Culture
In addition to walkability, millennial home buyers are in search of cultural institutions. Miami has dramatically added to its art and cultural offerings in recent years.

From its colorful Wynwood murals to its shining new art museums to its hip Design District, Miami exudes art. You can’t go anywhere in this town without seeing this staple of Miami life. Miami’s arts metamorphosis — most of which occurred in the last 15 years — has helped attract the world’s wealthy, fuel a modern skyline and transform a beach town into a top global city.

Downtown Miami is home to two new state-of-the-art museums. The Perez Art Museum Miami (PAMM) and the Philip and Patricia Frost Museum of Science sit adjacent to each other in Museum Park along Biscayne Bay. The museums are accessible via the Metrorail and Metromover.

South Florida offers a host of other museums. A partial list includes the Viscaya Museum and Gardens, HistoryMiami, the Wolfsonian, Coral Gables Museum, the Museum of Contemporary Art North Miami (MOCA) and the Bass Museum of Art.

If that’s not enough, Miami is also home to Art Basel Miami Beach, the biggest contemporary-art fair in the United States and one of the largest in the world.

Art Basel Miami Beach fields more than $3 billion in art, draws more than 77,000 visitors and attracts more private jets (800) than the Super Bowl.

Entertainment Venues
Millennial home buyers are in search of quality entertainment and Miami’s South Beach nightlife is known around the world.

But there is more to Miami entertainment than just South Beach.

The Adrienne Arsht Center for the Performing Arts in Downtown Miami, for instance, hosts some of the world’s top acts. The Arsht Center opened in 2006 as the country’s second-largest performing arts center (after New York City’s Metropolitan Opera House).

South Florida is also home to American Airlines Arena, Hard Rock Stadium, Marlins Park and the BB&T Center. They each host major concerts all year. Miami is also the site of Urban Beach Week and other music events.

Miami Music Week, held in the last week of March, is one of the world’s most recognized electronic music events. Every year, hundreds of thousands of people from across the globe come to Miami to listen and dance to some of the world’s best DJs.

The always sold-out Miami Music Week is a boom to local businesses, hotels, downtown and more. Young Miami Music Week attendees pay for tickets, ranging from $300 to $1,250. In 2016, more than 1,180 artists performed at 260 events hosted at 78 venues.

The grand finale of Miami Music Week is the Ultra Music Festival, which is known as the world’s premier electronic music festival. The award-winning outdoor event is attended each year by 165,000 fans from 90 countries over three days.

All of these factors coupled with a 5.1 percent unemployment rate make Miami a top destination not just for millennials but all home buyers.

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