Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I actually hope Miami becomes a tech hub because I think the money from tech needs to spread away from here, but it's irksome that housing costs have to be so damn high where ever tech goes, and locals are not part of developers plans---that happened here in CA, obviously it's happening there now as well.
I hope FL and other states don't repeat our mistakes when it comes to housing, but I think it might be too late.
I wonder where the next it-place will be once FL and TX become too expensive. Mexico? I heard locals are fed up with all the Americans moving to Mexico City too, so who knows?
SLC became a tech hub so you never know, but most tech hubs tend to be on the liberal side. Something Miami and Florida aren't comparatively speaking.
Those metro area numbers and even those I take with a grain of salt because many metros are so bloated in land area that it's impossible to compare accurately. I think he means in the city proper, and I believe he's referring to over the past 8-12 years or so, in which case no city other than NYC added more housing units per sq mile than Washington 2010-2020.
Is this a good thing though? As data above points out, Miami doesn't have the same level of wealth as the Bay Area and it's honestly not even close.
It’s not a great thing, for now, since today, the middle class can’t afford anything in south Florida. But with the rise in income and extreme wealth coming to Florida, as noted a few pages back, it’ll be changing. It’s already changed quite a bit since the last census; real estate records continue to be smashed every single day in south Florida.
Those metro area numbers and even those I take with a grain of salt because many metros are so bloated in land area that it's impossible to compare accurately. I think he means in the city proper, and I believe he's referring to over the past 8-12 years or so, in which case no city other than NYC added more housing units per sq mile than Washington 2010-2020.
That is metro area. We’re talking about the city proper. In fact, this entire thread is about the city proper. No city comes close to producing the amount of housing needed to suppress rents based on their population size as DC and Seattle. Don’t believe me, look at rents over the last decade compared to population growth. DC and Seattle grew substantially in their city proper limits and held rents at bay.
What city can say their rents are lower now than 10 years ago outside of DC? I haven’t looked at where Seattle rents were in 2013. I will say DC did a better job than Seattle, but Seattle is still #2. The entire point of all this should be built more…build more…build more…
Is this a good thing though? As data above points out, Miami doesn't have the same level of wealth as the Bay Area and it's honestly not even close.
And yet amazingly South Florida dominates the Bay Area in showings of extreme wealth. High fashion, nightlife, exotic cars, mega yachts, private jet landings, luxury cruises and most definitely real estate.
Do those numbers include people who don't even have jobs but have massive bank accounts? South Florida probably has more of those per capita than any where else in the U.S. How about all the wealthy snowbirds who don't even count in any statistics at all? Also by far the most in the U.S. What about the wealthy tourists? Definitely at the top there. What about all the hidden money that South Florida is known for?
Take a look at the personal per capita income numbers instead and you will see that Miami metropolitan area has almost the exact same as the Los Angeles metropolitan area per capita, and less than 15% behind the New York Metropolitan area. (that's before taxes) That's without even adding in the above wealth and is even from way back from the 2021 Census. South Florida has been blowing up lately still.
Location: That star on your map in the middle of the East Coast, DMV
8,128 posts, read 7,568,606 times
Reputation: 5785
Quote:
Originally Posted by kidyankee764
Good graph. But with that, anything before 2020 can be effectively considered null, IMO. COVID caused irreversible changes in housing and migration.
More recently, in the last few years, DC is nowhere near the top (from what I’ve seen). I’ll eat my words if I see something to the contrary.
That's due in part to most of the information out there being related to metro areas, instead of city proper honestly. Believe me there's being rapid pace of housing construction still taking place in DC proper and the close in urban suburbs. Anyway post pandemic...
Top 20 Cities by Number of Apartments Built in the First Half of 2022:
Good graph. But with that, anything before 2020 can be effectively considered null, IMO. COVID caused irreversible changes in housing and migration.
More recently, in the last few years, DC is nowhere near the top (from what I’ve seen). I’ll eat my words if I see something to the contrary.
This is all within the 61.4 sq. miles of land that makes up the District of Columbia. Looking at the data Resident09 posted above, looks like DC proper delivered basically half of the entire new units for the metro area all within 61.4 sq. miles in the year 2021. That is your answer to why rents are falling in DC proper. Supply and demand…build…build…build…
DC Proper 61.4 sq. Miles
New Unit Delivery 2017: 7,035 units
New Unit Delivery 2018: 6,147 units
New Unit Delivery 2019: 6,044 units
New Unit Delivery 2020: 9,548 units
New Unit Delivery 2021: 6,444 units
New Unit Delivery 2022: 6,749 units
New Unit Delivery 2023: 7,744 units (Projected)
New Unit Delivery 2024: 7,012 units (Projected)
”In a ranking of 35 of the largest major cities in the United States by apartment affordability (based on income and rent data from ESRI and RentCafe, respectively), the District places 27th, below Portland, Oregon, and above Richmond, Virginia. Generally, Midwestern cities that have historically struggled with population loss tend to be the most affordable, followed by rapidly growing cities in the Sunbelt/South, with major cities on the West Coast and Northeast ranking as the least affordable. Accordingly, New York is the least affordable city for apartment renters in the nation, while Detroit is the most affordable.
The cities that have been most competitive with the District, and other pricey Northeastern markets, for renter households (particularly young professionals), are Southeastern markets such as Atlanta, Charlotte, Raleigh, and Nashville. Other markets further west, including Denver and multiple cities in Texas, also compete with the District for renters but tend to draw more new residents from California than elsewhere.
It is worth noting that the affordability advantage of many Southern cities is steadily shrinking as rents grow at a blistering pace and outpace income growth by two-to-one in some instances.
In fact, at the current annual rent and income growth rate, the District will match Atlanta in apartment affordability by 2027, Dallas by 2029, and Charlotte and Austin (whose already high rents have been offset by a relatively high median income) by 2032.”
Last edited by MDAllstar; 05-28-2023 at 11:04 AM..
And yet amazingly South Florida dominates the Bay Area in showings of extreme wealth. High fashion, nightlife, exotic cars, mega yachts, private jet landings, luxury cruises and most definitely real estate.
Do those numbers include people who don't even have jobs but have massive bank accounts? South Florida probably has more of those per capita than any where else in the U.S. How about all the wealthy snowbirds who don't even count in any statistics at all? Also by far the most in the U.S. What about the wealthy tourists? Definitely at the top there. What about all the hidden money that South Florida is known for?
Take a look at the personal per capita income numbers instead and you will see that Miami metropolitan area has almost the exact same as the Los Angeles metropolitan area per capita, and less than 15% behind the New York Metropolitan area. (that's before taxes) That's without even adding in the above wealth and is even from way back from the 2021 Census. South Florida has been blowing up lately still.
Without a doubt Miami is a showy metro. Always has been. Bay Area tech geeks? Not so much. Dallas is showy too, must be a southern thing.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Mexico? I heard locals are fed up with all the Americans moving to Mexico City too, so who knows?
