Miami Ranked Top City in Housing Expansion
Mar 19, 2014 March 19, 2014
|Housing supply growth from 2000 to 2010 - Source: Next City|
Miami beats out most of the largest cities in North America. Many cities did not build enough housing, and the demand for it was too much. Miami, however, overtook that market, and expanded greater than Chicago, New York, San Diego, and many other big cities.
Between 2000 and 2010, Miami grew 24% in housing supply, with about 35,000 new units of housing in total. Many of the 35,000 units were from large buildings that contained 50 or more housing units.
Sources say that there is not much connection between the growth of a city’s housing, and the demand for housing in that area. Some cities, such as Pittsburgh and Detroit, lost housing in the market, going down about 6% in the 2000 to 2010 period.
These numbers, however, do not give account for the lack of demand, so cities like Denver have more housing growth than New York City, but the housing in Denver is not as desired or in as much demand as the other cities.