Almost a decade since the start of the recession, when the housing market crashed and home values dropped 30 percent, SmartAsset has compiled a list of the cities that have seen the most recovery. From 2010 on, five metrics were considered: change in unemployment rate, change in labor participation rate, change in poverty rate, change in median household income, and change in median home values.
SmartAsset took the 100 largest U.S. cities, as reported by 2016 population data from the Census Bureau, into account for this study. The data used to assess the change in median household income and the change in median home value was taken from the Census Bureau’s 1-Year 2010 and 1-Year 2016 American Community Survey.
Miami came in at No. 4 among the top 25 cities assessed for post-recession recovery.
The unemployment rate in Miami has seen a decline every year since 2010. Though the city has yet to hit pre-recession unemployment rates — in 2007, unemployment was at 4.9percent; at the end of 2016, it was 6.8 percent, a long way from its high of 15 percent in 2010. Poverty in Miami has also seen a significant decrease, dropping 7.5 percent from 2010 to 2016, the second-highest decline in poverty rates of the cities evaluated.