by Emily Mack South FL Agent Magazine June 15, 2023
Miami’s job market is hot right now — further exacerbating the city’s housing shortage, according to new research from PortlandRealEstate.com. The site compared job growth in the area to building permits, earning Miami a ratio of 20.2: the seventh highest in the nation.
To put it in perspective, the average city’s job growth-to-building permits ratio for the study was 7.64. Miami’s high number indicates that while employment is expanding, new construction may not be keeping up with demand.
The 10 cities with the highest ratios were, in order:
1. New York City (31.4)
2. San Francisco (29.2)
3. Springfield, Massachusetts (26.6)
4. Urban Honolulu (25.1)
5. Syracuse, New York (21.8)
6. Boston (20.4)
7. Miami (20.2)
8. Chicago (19.5)
9. New Haven, Connecticut (19.3)
10. Los Angeles (18.3)
“The analysis reveals a concerning trend of housing shortages in the largest metropolitan areas across the United States,” said a spokesperson from PortlandRealEstate.com, citing the data, which came from the data came from the National Association of REALTORS®, the U.S. Census Bureau and the Bureau of Labor Statistics.
So, are you ready to join the conversation? Let’s dive headfirst into the complexities of Miami’s housing shortage and explore the possibilities that lie ahead. Together, we can uncover the path to a more equitable and thriving city for generations to come.