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South Florida's Decade of Uneven Growth and Development the Following Analysis of Housing and Population Estimates from the 20

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South Florida's Decade of Uneven Growth and Development the Following Analysis of Housing and Population Estimates from the 20 South Florida’s Decade of Uneven Growth and Development The following analysis of housing and population estimates from the 2010 Decennial U.S. Census provides some understanding of South Florida’s growth and development pattern during a decade in which a housing boom and bust occurred. These growth and development trends were first identified in various housing needs assessments performed by the FIU Metropolitan Center for Broward, Miami-Dade, Monroe and Palm Beach Counties from 2005 to 2009. Significantly, most cities in South Florida experienced greater housing development growth rates than population growth rates. South Florida’s growth and development pattern began slow and steady in the early years of the decade but became volatile during the “housing bubble” years of the mid-decade and the Great Recession years that followed. As the Metropolitan Center previously reported, much of the housing development that occurred in the years leading up to the collapse of the housing market were built without regard for actual demand. This resulted in an excess inventory of unsold housing units which was then exacerbated by growing foreclosure activity. The Metropolitan Center’s 2006 Palm Beach County Housing Needs Assessment noted that the demand for second “resort” homes was also driving the market for single-family homes and condominiums. In fact, several of the FIU Metropolitan Center’s housing studies noted that South Florida’s housing supply has been skewed by speculative investment that resulted in an overall development trend toward more upscale housing demand external to the local market. This growing supply led to increasing housing vacancy rates throughout South Florida. South Florida’s growing number of housing vacancies now totals 365,295 units, of which 46 percent are seasonal homes. The table below shows, in fact, a correlation between heightened levels of new housing development activity and growing vacancy rates in many cities in South Florida. In Miami-Dade County, Doral, Homestead, Florida City, Aventura, Sunny Isles and Cutler Bay had the highest proportional population growth since 2000. Fifteen cities in Miami-Dade County had a growth rate exceeding six percent between 2000 and 2010. Homestead, Doral, Florida City, Sunny Isles, Cutler Bay, North Bay Village and Aventura had the largest proportional increase in housing units since 2000. Homestead is the newest of the most populous cities in Miami-Dade. While many of the southern cities in the County have been severely impacted by the housing market collapse, there is inertia toward population increases in this portion of the County which currently outweighs population growth in the County’s northeast. In Broward County, the highest population growth rates include Lauderdale by the Sea, Parkland, Miramar, Dania, Oakland Park, Weston, Pompano Beach and North Lauderdale. Nearly half of Broward County’s municipalities now have populations greater than 50,000, including Fort Lauderdale, Pembroke Pines, Hollywood, Miramar, Coral Springs, Pompano Beach, Davie, Plantation, Sunrise, Deerfield Beach, Lauderhill, Weston, Tamarac, Margate, and Coconut Creek. If existing growth rates are sustained, Dania Beach (4.8% annual), Oakland Park (3.4% annual) and North Lauderdale (2.7% annual) will join the group of cities with populations over 50,000 by the next decennial census. In Palm Beach County, the highest population growth rates include South Palm Beach, Palm Springs, Royal Palm Beach, Wellington, Mangonia Park, Briny Breezes, Jupiter, Palm Beach Gardens, Greenacres, Haverhill and Hypoluxo. Six municipalities have populations over 50,000, including West Palm Beach, Boca Raton, Boynton Beach, Delray Beach, Wellington and Jupiter. Should existing growth rates for Royal Palm Beach (5.9% annual) and Palm Beach Gardens (3.9% annual) are sustained, these municipalities will join those with populations over 50,000 by the next decennial census. Growth Rates in Vacancies in South Florida, 2000-2010 West Palm Beach, Palm Beach 97.9% Wellington, Palm Beach 66.0% Jupiter town, Palm Beach 47.7% Delray Beach, Palm Beach 41.7% Boynton Beach, Palm Beach 62.1% Boca Raton, Palm Beach 36.2% Weston, Broward 34.1% Tamarac, Broward 88.2% Sunrise, Broward 117.4% Pompano Beach, Broward 47.4% Plantation, Broward 93.6% Pembroke Pines, Broward 46.1% Miramar, Broward 0.9% Margate, Broward 66.8% Lauderhill, Broward 59.6% Hollywood, Broward 44.3% Fort Lauderdale, Broward 48.2% Deerfield Beach, Broward 56.3% Davie, Broward 15.0% Coral Springs, Broward 99.4% Coconut Creek, Broward 51.8% North Miami, Miami-Dade 62.9% Miami, Miami-Dade 81.0% Miami Gardens, Miami-Dade 18.5% Miami Beach, Miami-Dade 50.3% Homestead, Miami-Dade 314.5% Hialeah, Miami-Dade 99.0% -25.0% 25.0% 75.0% 125.0% 175.0% 225.0% 275.0% 325.0% Source: U.S. Census Bureau, 2000 & 2010 Decennial Census; analyzed by FIU Metropolitan Center 2011 Population Growth Rates for South Florida's Largest Cities, 2000-2010 West Palm Beach, Palm Beach 21.7% Wellington, Palm Beach 47.9% Jupiter town, Palm Beach 40.2% Delray Beach, Palm Beach 0.8% Boynton Beach, Palm Beach 13.0% Boca Raton, Palm Beach 12.9% Weston, Broward 32.6% Tamarac, Broward 8.7% Sunrise, Broward Pompano Beach, Broward 27.7% Plantation, Broward 2.4% Pembroke Pines, Broward 12.6% Miramar, Broward 67.8% Margate, Broward Lauderhill, Broward 16.2% Hollywood, Broward 1.0% Fort Lauderdale, Broward 8.6% Deerfield Beach, Broward 16.2% Davie, Broward 21.5% Coral Springs, Broward 3.0% Coconut Creek, Broward 21.4% North Miami, Miami-Dade Miami, Miami-Dade 10.2% Miami Gardens, Miami-Dade 3.6% Miami Beach, Miami-Dade Homestead, Miami-Dade 89.6% Hialeah, Miami-Dade 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% Source: U.S. Census Bureau, 2000 & 2010 Decennial Census; analyzed by FIU Metropolitan Center 2011 Growth Rates in Total Housing Units in South Florida, 2000-2010 West Palm Beach, Palm Beach 33.9% Wellington, Palm Beach 53.7% Jupiter town, Palm Beach 42.4% Delray Beach, Palm Beach 7.7% Boynton Beach, Palm Beach 18.4% Boca Raton, Palm Beach 18.6% Weston, Broward 28.8% Tamarac, Broward 10.2% Sunrise, Broward 5.5% Pompano Beach, Broward 25.6% Plantation, Broward 7.4% Pembroke Pines, Broward 11.6% Miramar, Broward 55.5% Margate, Broward 0.5% Lauderhill, Broward 14.6% Hollywood, Broward 3.9% Fort Lauderdale, Broward 15.2% Deerfield Beach, Broward 14.3% Davie, Broward 19.2% Coral Springs, Broward 9.9% Coconut Creek, Broward 16.9% North Miami, Miami-Dade Miami, Miami-Dade 24.0% Miami Gardens, Miami-Dade 7.0% Miami Beach, Miami-Dade 13.0% Homestead, Miami-Dade 109.8% Hialeah, Miami-Dade 2.7% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% Source: U.S. Census Bureau, 2000 & 2010 Decennial Census; analyzed by FIU Metropolitan Center 2011 .
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