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Miami is the No. 2 destination for Millennials

by Marcus Paul

 

 

Realtor.com ranked the top 10 cities where young people want to be, placing Miami at No.2. According to the article, Miami attracts waves of Millennials with its word-class nightlife, up-and-coming neighborhoods and a healthy job market. According to Realtor.com statistics, the median home price in Miami is $370,000, while the unemployment rate is 5.1 percent.

The Millennial lure may be in part due to a fun and vibrant beach culture. Events like the Ocho Festival, Carnaval Miami and Art Basel Miami turn the entire city into a party. Though Miami can be expensive for some young people, up-and-coming areas are providing relatively cheap housing with amenities suited for their needs.

Giovanna Calimano, a Realtor for Yes Real Estate, told realtor.com that many neighborhoods like North Miami and Little Haiti are gaining some enthusiastic interest from young buyers. “A lot of these areas are developing little by little,” she says. “They’re hot because the houses there right now aren’t overpriced. People can live there while the communities are still developing and improving.”

Although it may be ranked number 2 on where young people want to be, Miami does not rank highly on the chart of where young people can afford to be, according to a study by the apartment-finding service Abodo.

Miami has the highest percent of Millenials stuck at home, with 45 percent of young people still living with their parents. Even though a majority of the Millennials that live at home are employed, the wages are still too low, and rent costs are too high.

According to the Abodo study, Millennials are taking home less than previous generations of young people. And because it is the most educated generation in history (with 60 percent of Millennials having gone to college), the average college graduate is saddled with $30,000 in student loan debt.

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Comments

  • Ana L. Ordonez says:

    Miami …we are trying harder because we are just number two today…. tomorrow we will be second to none. Who would not love Miami, has all the activities and for all the
    ages not just Milenials, not to mention the weather, ethnicity, theater, museums, zoo, vibrant that is what we are. Happy to know Millenials are also choosing Miami. Remember South Dade has “more to explore” and affordable homes as well.

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