As the population continues to grow in the United States, so does the real estate market. With more people in need of homes, real estate must adjust to the fluctuations in population in order to meet the high demand. During 2020, Miami had experienced an influx of people traveling to and around the city in hopes of enjoying quarantine protocols in warmer weather. According to Forbes, the real estate market in southern Florida was in “Super-Boom” mode. However, with this growth comes challenges to real estate agents and investors, for they must keep up with the high demand.
How fast are we growing?
According to the U.S Census Bureau, the United States has a population of approximately 330.2 million citizens, in which the number has been on a steady incline since 1920. For Miami in particular, 2.7 million people reside in Miami-Dade, and more are looking to move for retirement or other reasons.
What does this mean for real estate?
A growing population puts pressure on all sectors of the economy. Because the population in Miami is growing, economies must match that growth to prevent falling behind. When the demand for houses increases, so will the prices of homes. Additionally, an overall growing population can cause a shift in demographic populations, changing the demands put in place for certain groups of people. The need for single-family homes is at an all-time high in Miami-Dade, causing price increases for those looking to buy.
Overall, the Miami real estate market will follow the demand of the citizens. This also includes a need for roles such as developers, landlords, and financial institutions.