In just one year from 2015 to 2016 Miami’s population increased 1.1% from international immigration – the highest of any U.S. metro area, according to an analysis of census data by economist Jed Kolko.
The rapid rate of new arrivals from overseas is driving real estate prices up in Miami and discouraging domestic migration, which is more price sensitive.
Overall, international immigration to the Miami area is up 397 percent since 2010, according to a study from FIU. Many of those are highly educated, with Miami now ranking as the top U.S. city for foreign born college graduates and professionals.
An economist told the WSJ that there is a high correlation between population increase and housing prices, which provides evidence that “bubble-phobes need not worry that noneconomic fundamentals are pushing prices higher.”
A recent Forbes analysis stated that a combination of rising rents, extremely low vacancy rates, and a willingness of renters to pay a high percentage of their income to live in Miami makes it the worst city for renters in the U.S. (and one of the best for landlords).