We're incredibly lucky to live in Miami at an incredibly well-situated apartment with affordable rent and stunning views of the ocean. But, not everyone has it as good as we do. There are people out there—maybe you—who are stuck living in a so-so apartment, on a noisy street, with a sloppy roommate, in not Miami (gasp!). If that is you, or you're in a less dire situation but still looking to move around the Miami area, our friend Hannah Goodman of Trulia has your back. We asked her to share with us, and you, the status of Miami's real estate and to weigh in on the best millennial neighborhoods in Miami. Check out what she had to say below.
Hot weather, beautiful beaches, one of a kind nightlife and delicious cultural cuisine are just a few of the things you may experience when moving to Miami, Florida. Believe it or not, Miami is also home to a hot real estate and job market.
According to the Bureau of Labor Statistics, the unemployment rate in the Miami Metropolitan area has dropped from 8 percent in January 2013 to 5.2 of January of 2016. While real estate market trends paint Miami as a great investment opportunity with a 4 percent increase year-over-year rise, with a median sales price of $242,000 across the city. For these reasons and many more, the Miami metropolitan area has become an increasingly popular place for the millennial generation.
Are you a millennial interested in nabbing a piece of valuable Miami real estate for yourself? The following three neighborhoods offer great amenities, a wide range of for sale and rental options, and a short commute to Downtown Miami’s many job opportunities.
1. North Beach
North Beach is not only home to a wide variety of delicious restaurants and eateries, it is one of the more affordable areas within Miami and is only a short commute from the many businesses and companies of Downtown Miami. Regarded by many as the city’s top shopping destination, North Beach is host to your standard fare of nationwide chains stores but also many unique boutiques. Looking for a great place to spend the evening after a long day of shopping? Check out The Tuck Room’s deliciously unique selection of cocktails and appetizers. Homes for sale in North Beach are affordable and a great investment with a median sale price of $170,000, a 13 percent year-over-year rise, while the average rent in North Beach is currently $2,000.
Known by some as “The Arts District” Miami’s Wynwood-Edgewater neighborhood is an extremely popular place for young people seeking to buy a home in Miami. Built upon what used to be a warehouse and manufacturing district in Miami, the area has transformed into a renaissance community. Home to over 70 art galleries, and a monthly art walk, Wynwood is Miami’s go to destination for arts and culture. According to Trulia, the area has a median sale price of $341,000 and a median rental price of $2,200.
Known as the Manhattan of the South, Brickell has been touted as the trendiest spots in south Florida. Fortunately, you can still find a condo in the area priced as low as $270,000 or a rental for as low as $1,350. Brickell’s proximity to nearby Downtown Miami’s many businesses and companies and walkable access to some of the city’s famous nightclubs and bars make it a popular choice for relocating millennials. In fact, most of the available properties for sale and rent in Brickell, are located along Brickell Avenue, which also happens to be home to Blackbird Ordinary and Sidebar, two of the city’s most popular nightlife destinations.
Miami’s diverse neighborhoods and amenities have made it a popular destination for potential residents of all ages. However, if you are a millennial seeking a real estate in an area that offers access to amenities, a short commute and affordable real estate prices, North Miami Beach, Wynwood-Edgewater and Downtown Miami offer something for even the most particular potential resident.