Miami Named as Second Best Place for Millennial Home Buyers
A study done in 2017 by Realtor.com has found Miami to be the second best city in the United States for Millennial home buyers. The study looked at a number of factors including the diversity of employment, culture, entertainment, walkability of neighborhoods and the ability to enjoy living, working and playing within the city.
In the past, Miami hasn’t been looked at as the friendliest choice for Millennial home buyers. However, they still flock to this South Florida city for many reasons. The study done by Realtor.com looked at 60 different cities across the United States and the many factors of each city. Millennials are the largest generation in America right now and they also make up the largest percentage of current home buyers, including over 60% of first-time home buyers.
With all that said, Miami came in second within the study and for many good reasons. The city has plenty to offer and Millennials are flocking to the Magic City.
Why Millennials Prefer Miami
The art and culture found throughout Miami is one of the may draws for Millennial home buyers they are flocking to the city for the incredible art scene and cultural attractions, which has grown quite a bit over the past decade. The Wynwood Walls, the Design District and the many incredible museums are all very popular with the Millennial generation.
In addition, Miami is home to many art events including the annual Art Basel held in December. This event brings more than 75,000 visitors to the city and over $3 billion worth of art. It’s an event full of celebrities, famous artists and plenty of residents of Miami.
Another huge reason why Millennials are choosing Miami are the many walkable neighborhoods. Miami ranked fourth in the 2017 Walk Score study and has become more pedestrian friendly over the past few years. The Downtown Miami neighborhood is in the process of becoming something very special with the free Metromover. In addition, Brickell and many other areas of Miami offer mixed-used options for living, working and playing all in the same area.
While downtown has certainly blossomed, other neighborhoods, such as Coral Gables, Coconut Grove, Wynwood and Midtown have all moved into the walkability category. With condominiums, mixed-use developments and plenty of new businesses moving into these areas, many residents can walk to all of the things they need without much trouble.
The diverse opportunity for jobs has also attracted the attention of the Millennial generation. Miami is one of the top places for startups and it has become a place for tech businesses. Some have even said the city is the next Silicon Valley, while others have started comparing Miami to Austin, Texas. Outside of tech, the city is still one of the top for tourism, real estate, banking and international trading.
Of course, there’s plenty of entertainment in Miami, as well. Millennials want a city with plenty of things to do and Miami has all kinds of options. From the many great attractions to the beautiful beaches to the incredible festivals to the professional sports teams, Miami is filled with entertainment. The city offers the Ultra Music Festival and the SoBe Wine & Food Festival every year, along with plenty of concerts, theater events and sporting events.
Miami is certainly a great place for Millennial home buyers. Many have started to relocate to the area due to the job opportunities, incredible art and culture scene, entertainment and the walkable neighborhoods. Whether seeking a luxury condominium or a single-family home, there’s plenty to enjoy about Miami if you’re a Millennial looking for the right city to call home.
The Rest of the List
Of course, Miami wasn’t the only place gaining attention from the study. Nine other cities were named to the top ten including:
- 1. Salt Lake City, UT
- 3. Orlando, FL
- 4. Seattle, WA
- 5. Houston, TX
- 6. Los Angeles, CA
- 7. Buffalo, NY
- 8. Albany, NY
- 9. San Francisco, CA
- 10. San Jose, CA
All of these cities ranked well with Millennial home buyers, but only one ranked higher than Miami. It doesn’t get much better than South Florida as the city offers more than just amazing job opportunities, arts and entertainment. It’s also one of the best climates in the country, offers world-class beaches and provides one of the best restaurant scenes in the world.
If you’re a Millennial looking to move to a new city, Miami should be at the top of your list. It doesn’t get much better with the professional sports, beaches, entertainment, incredible neighborhoods and the many attractions throughout the area.