Wynwood lies north of Downtown Miami and Overton next to Edgewater. Wynwood started out as a quaint area of Puerto Ricans during the migration in the 1950s thus the name “Little San Juan or “El Barro”. To this day, the rich Puerto Rico culture permeants the area integrating with other cultures, increased investments and developments into the Wynwood Community. Wynwood has become a central location for the arts and fashion over the past five years.
Financially, since 2000 the Wynwood real estate market continues to grow when the price per square foot for a home was $73.00 versus $402.00 in 2015 rising above the medium price for Miami. The average sales price for a home for Wynwood homes for sale has risen 131.6% from $172,250 to $399,000 even with the few down years the country has experienced. Wynwood has increased it values 60.89% over Miami. Population in Miami tends to vary whereas Wynwood maintains its number two position for the Miami area with little turnover and transient population.
Wynwood has maintained a steady population of approximately 17,718 people with the average age being 33 years old. The largest age distribution in this area is between 20 and 39 years of age. The male to female ratio is 9,413:8,305. This is a 19% increase of male to female ratio over Miami. The make-up of Wynwood is 19.3% singles, 35.1% married, 25.5 % Single Parents, and 20.2% married with children. Reviewing the numbers supports a good stable rounded environment.
Education is also an important factor when looking at an area to make your home. Over 27% of the population has a high school education that is 18% over Miami. The population with a Bachelor Degree or higher is 36% and that is 5% higher than Miami are. The average income is relatively stable at $33,575 with the average household net worth of $205,770.
Wynwood Commercial Real estate has been increasing at such a good rate that many South Florida companies are using various Real Estate SEO techniques to generate more leads from interested home buyers.
Conversion of abandoned warehouses into spaces occupied by artists, cafes, and lounges with many having five star ratings started in 2005. World famous graffiti artists have created some of the most magnificent street art in the world known as the Wynwood Wall. Every second Saturday night there is an outdoor art walk to admire the permanent murals the largest in the world.
Wynwood has expanded into having recording studios most notably The Armory Studios. The Free Zone converted in 2005 to filming movies and television shows such as “Graceland”. Although, art and fashion remains the two major industries, Wynwood continues to increase its diversity with the 2013 move of the Miami New Times.
There is an established public transportation service offered by Metrobus and the Miami Metro-Rail.
Wynwood real estate maintains a stability while growing even during some of the past few years of the economic slump. A beautiful and safe place close to Miami, Miami Beach and even South Beach, but a perfect place to live and work.