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Greater Downtown Miami Demographics

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Greater Downtown Miami Demographics 2016 Greater Downtown Miami Demographics Applied Research and Analytics Miami Downtown Development Authority 200 S. Biscayne Blvd. Suite 2929, Miami, FL 33131 T: 305.579.6675 E: [email protected] D owntown Miami Demographics – 2016| 1 Executive Summary Florida is now the third most populous state in the United States of America. Miami is Florida’s largest metro area with Greater Downtown Miami as its hub. Miami is a uniquely diverse place that warmly embraces new residents from around the globe. New residential developments within Greater Downtown Miami continue to appeal to young professionals who are pursuing a true urban lifestyle in a tropical waterfront city. Downtown Miami is an emerging major world city and the business, social and cultural epicenter of the Americas. This report will showcase the unique dynamics of Greater Downtown Miami’s current demographics – including the population and household changes over the past five years and projections for the future. Here is a brief summary of some of our key findings found in this update. Population Since 2010, the population of Downtown Miami has increased more than 30%. Population Estimate 2016: 88,540 % Increase from 2010 Census: 32.6% Density: approximately 23,300 persons per square mile Population Projection 2021: 106,429 Daytime Population: 234,976 Majority of the population within Downtown Miami are highly educated, young working professionals. Population age 25-44 estimate 2016: 39,516 Population % Age 25-44: 45% Population % Age 25+ with College Education: 59% . Households Households within Downtown Miami increased 42% since 2010. Household Estimate 2016: 46,130 % Increase from 2010 Census: 36% % Family Households: 39% . Income Income in Greater Downtown Miami significantly exceeds that of the City of Miami. 2016 Greater Downtown Per Capita Income Estimate: $50,707 2016 Greater Downtown Median HH Income Estimate: $66,498 . Migration Miami-Dade County attracts people from all over to live, work and play. Annual domestic in-migrants from across the country as of 2014: 71,086 Annual foreign immigration into Miami-Dade County as of 2014: 36,763 *Unless noted all estimates are Q1 2016 D owntown Miami Demographics – 2016| 2 Contents Executive Summary ............................................................................................................................. 1 Greater Downtown Map ....................................................................................................................... 3 Population Statistics ........................................................................................................................... 4 Population Distribution ....................................................................................................................... 5 Household Statistics ........................................................................................................................... 6 Recent Growth & Housing ................................................................................................................... 7 Population and Households – City of Miami + Miami Dade County ................................................. 8 Population and Household Characteristics ....................................................................................... 9 Age Composition ............................................................................................................................... 10 Migration ............................................................................................................................................ 11 Income Statistics ............................................................................................................................... 12 Educational Attainment ..................................................................................................................... 13 Pet Ownership.................................................................................................................................... 14 Exercise Statistics ............................................................................................................................. 15 Expenditures ...................................................................................................................................... 16 Appendix: Metropolitan Areas .......................................................................................................... 18 Appendix: Florida Cities .................................................................................................................... 19 Appendix: Greater Downtown and Surrounding Areas .................................................................. 20 Appendix: Downtown Miami ............................................................................................................. 21 D owntown Miami Demographics – 2016| 3 Greater Downtown Miami Greater Downtown Miami is a 3.8 square mile area of prime waterfront real estate in tropical Miami. It is situated between Interstate 95 on the west and Biscayne Bay on the east, the Julia Tuttle Causeway on the north, and the Rickenbacker Causeway on the south. Miami Downtown Development Authority (DDA) represents the urban core of Greater Downtown which constitutes three neighborhoods – the Brickell Financial District, the Central Business District (CBD), and the Arts & Entertainment District. Greater Downtown also includes Wynwood, Edgewater, Midtown, and historic Overtown. D owntown Miami Demographics – 2016| 4 Population Greater Downtown Miami Population continues to increase in Population Growth 2000 - 2021 Greater Downtown. We estimate 120,000 the current population at 88,540 and 106,429 project it will surpass 100,000 in 2021. Per Figure 1, Greater 100,000 Downtown has added nearly 22,000 88,540 people since 2010 – an increase of almost 33%. The urban core 80,000 neighborhoods – Brickell, the CBD, 66,769 and Arts & Entertainment – continue to see remarkable growth and now 60,000 make up 75% of the Greater 40,466 Downtown population; Brickell added the most new residents 40,000 increasing from 26,472 to 34,975. New development continues to lure 20,000 residents into Greater Downtown Miami. Per Figure 2, average annual growth has held at 6.5% for 0 the last 5 years mimicking the 2000 Census 2010 Census 2016 Estimate 2021 Projection tremendous growth achieved between 2000 and 2010. Figure 1. Population Trends in Greater Downtown Miami Area 2000 Census 2010 Census 2016 Estimate 2021 Projection Brickell 12,904 26,472 34,975 38,172 CBD 4,901 11,108 17,132 20,584 Arts & Entertainment 4,432 9,079 14,675 18,425 Wynwood/ Edgewater/Midtown 11,229 13,374 17,649 21,018 Overtown 7,000 6,736 4,109 8,231 Greater Downtown 40,466 66,769 88,540 106,430 Figure 2. Population Growth Rates for Greater Downtown Miami 2000-2010 2010-2016 2016-2021 Area Avg. Annual Avg. Annual Avg. Annual % Change % Change % Change Growth Growth Growth Brickell 105.1% 10.5% 32.1% 6.4% 9.1% 1.8% CBD 126.6% 12.7% 54.2% 10.8% 20.1% 4.0% Arts & Entertainment 104.9% 10.5% 61.6% 12.3% 25.6% 5.1% Wynwood/ Edgewater/Midtown 19.1% 1.9% 31.9% 6.4% 19.1% 3.8% Overtown -3.8% -0.4% -39.0% -7.8% 100.3% 20.0% Greater Downtown 65.0% 6.5% 32.6% 6.5% 20.2% 4.0% Source: ESRI BAO; Synergos PopStats; Miami DDA D owntown Miami Demographics – 2016| 5 Population Distribution Brickell is the most populated neighborhood in Greater Downtown Miami; 40% of the overall population lives in Brickell. The CBD follows with 19% of the population, and the Arts & Entertainment District increased to 17% of the overall population. Wynwood/Edgewater/Midtown (combined) now represents 20%, and Overtown makes up a small portion of the population at 5%. D owntown Miami Demographics – 2016| 6 Households Greater Downtown Miami Household growth remains strong into Household Growth 2000 - 2021 2016. We estimate the current 60,000 household count to be 46,130 and 54,882 project that number to near 55,000 by 2021. Per Figure 3, almost 12,250 50,000 46,130 new households now call Greater Downtown Miami home – an increase of 36% since 2010. Like the 40,000 population trends, the largest growth 33,888 is in the urban core; Brickell continues to attract households as growth there 30,000 has increased from 14,945 to 19,053. The household growth rates are 17,869 interesting to explore. Per Figure 4, 20,000 average annual growth for households is 7.2%. That outpaces the population growth rate of 6.5%; 10,000 therefore, household size is shrinking. In 2010 household size was 1.97 people per household; in 2016 it is - 2000 Census 2010 Census 2016 Estimate 2021 Projection 1.92 people per household. Figure 3. Household Trends in Greater Downtown Miami Area 2000 Census 2010 Census 2016 Estimate 2021 Projection Brickell 7,107 14,945 19,053 21,935 CBD 1,712 5,393 8,180 9,746 Arts & Entertainment 2,151 5,248 8,188 9,962 Wynwood/ Edgewater/Midtown 4,425 5,842 7,852 9,394 Overtown 2,474 2,460 2,857 3,845 Greater Downtown 17,869 33,888 46,130 54,882 Figure 4. Household Growth Rates for Greater Downtown Miami 2000-2010 2010-2016 2016-2021 Area Avg. Annual Avg. Annual Avg. Annual % Change % Change % Change Growth Growth Growth Brickell 110.3% 11.0% 27.5% 5.5% 15.1% 3.0% CBD 215.0% 21.5% 51.7% 10.3% 19.1% 3.8% Arts & Entertainment 144.0% 14.4% 56.0% 11.2% 21.7% 4.3% Wynwood/ Edgewater/Midtown 32.0% 3.2% 34.4% 6.9% 19.6% 3.9% Overtown -0.6% -0.1% 16.1% 3.2% 34.6% 6.9% Greater Downtown 89.6% 9.0% 36.1% 7.2% 19.0%
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