Downtown residents dropping in age, increasing in wealth

Downtown Miami’s population is growing rapidly and getting younger, according to a study by the Miami Downtown Development Authority.

The DDA examined downtown areas from Brickell through Midtown and found that in 2014, the downtown population grew to 80,750, which is double the number from the 2000 Census. And the population is expected to keep growing and reach 92,519 by 2019. The largest shift was in the Central Business District, which saw a 193 percent increase to 14,358 people. The Arts & Entertainment District grew 162 percent to 11,622 people, while Brickell saw a 152 percent jump to 32,489.

The nearly 23,000 condo units built downtown during the last boom became affordable rentals for younger residents. “A lot of people came downtown and realized it was vibrant and exciting,” DDA executive director Alyse Robertson told the South Florida Business Journal. Robertson said those condos, which were 62 percent occupied in 2009, are now nearly full. Nearly 46 percent of downtown Miami residents are between ages 25 to 44, compared to 29 percent across the county. A majority (58 percent) of downtown residents age 25 and up have a college degree compared to the county average of 35.9 percent, and the median household income is $65,311, compared to a countywide average of $41,400. [South Florida Business Journal] – Chris Guanche