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Real Estate Prices & Overview

Wynwood median real estate price is $733,628, which is more expensive than 87.1% of the neighborhoods in Florida and 84.0% of the neighborhoods in the U.S.

The average rental price in Wynwood is currently $3,984, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 89.1% of the neighborhoods in Florida.

Wynwood is a densely urban neighborhood (based on population density) located in Miami, Florida.

Wynwood real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) apartment complexes/high-rise apartments and small apartment buildings. Most of the residential real estate is renter occupied. Many of the residences in the Wynwood neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1940 and 1969.

Vacant apartments or homes are a major fact of life in Wynwood. The current real estate vacancy rate here is 19.7%. This is higher than the rate of vacancies in 86.4% of all U.S. neighborhoods. In addition, most vacant housing here is vacant year round. This can sometimes be the case in neighborhoods dominated by new construction that is not yet occupied. But often neighborhoods with vacancy rates this high are places that can be plagued by a protracted vacancy problem. If you live here, you may find that a number of buildings in your neighborhood are actually empty.

Notable & Unique Neighborhood Characteristics

When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its setting. Some places look the same, but they only reveal their true character after living in them for a while because they contain a unique mix of occupational or cultural groups. This neighborhood is very unique in some important ways, according to NeighborhoodScout's exclusive exploration and analysis.

People

In a nation where 1 out of every 4 children lives in poverty, the Wynwood neighborhood stands out as being ranked among the lowest 0.0% of neighborhoods affected by this global issue.

Real Estate

The Wynwood neighborhood is very unique in that it has one of the highest proportions of one, two, or no bedroom real estate of any neighborhood in America. Most neighborhoods have a mixture of home or apartment sizes from small to large, but here the concentration of studios and other small living spaces is at near-record heights. With 82.8% of the real estate here of this small size, this most assuredly is a notable feature that makes this neighborhood unique, along with just a handful of other neighborhoods in the U.S. that share this characteristic.

Diversity

Did you know that the Wynwood neighborhood has more Cuban and South American ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 11.6% of this neighborhood's residents have Cuban ancestry and 13.3% have South American ancestry.

Wynwood is also pretty special linguistically. Significantly, 70.5% of its residents five years old and above primarily speak Spanish at home. This is a higher percentage than 97.5% of all U.S. neighborhoods.

Migration / Stability

Some neighborhoods have more internal cohesiveness than others. While other neighborhoods feel like a collection of strangers who just happen to live near each other. Sometimes this comes down to not only the personalities of the people in a place, but how long people have been together in that neighborhood. NeighborhoodScout's research has revealed some interesting things about the rootedness of people in the Wynwood neighborhood. In the Wynwood neighborhood, a greater proportion of the residents living here today did not live here five years ago than is found in 96.2% of U.S. Neighborhoods. This neighborhood, more than almost any other in America, has new residents from other areas. What is also interesting to note, is that the Wynwood neighborhood has a greater percentage of residents born in another country (47.9%) than are found in 97.1% of all U.S. neighborhoods.

The Neighbors

There are two complementary measures for understanding the income of a neighborhood's residents: the average and the extremes. While a neighborhood may be relatively wealthy overall, it is equally important to understand the rate of people - particularly children - who are living at or below the federal poverty line, which is extremely low income. Some neighborhoods with a lower average income may actually have a lower childhood poverty rate than another with a higher average income, and this helps us understand the conditions and character of a neighborhood.

The neighbors in the Wynwood neighborhood in Miami are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 48.5% of the neighborhoods in America. In addition, 0.0% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 100.0% of America's neighborhoods.

A neighborhood is far different if it is dominated by enlisted military personnel rather than people who earn their living by farming. It is also different if most of the neighbors are clerical support or managers. What is wonderful is the sheer diversity of neighborhoods, allowing you to find the type that fits your lifestyle and aspirations.

In the Wynwood neighborhood, 41.8% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 25.4% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (18.5%), and 14.2% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Wynwood neighborhood is Spanish, spoken by 70.5% of households. Some people also speak English (23.8%).

Ethnicity / Ancestry

Culture is the shared learned behavior of peoples. Undeniably, different ethnicities and ancestries have different cultural traditions, and as a result, neighborhoods with concentrations of residents of one or another ethnicities or ancestries will express those cultures. It is what makes the North End in Boston so fun to visit for the Italian restaurants, bakeries, culture, and charm, and similarly, why people enjoy visiting Chinatown in San Francisco.

In the Wynwood neighborhood in Miami, FL, residents most commonly identify their ethnicity or ancestry as South American (13.3%). There are also a number of people of Cuban ancestry (11.6%), and residents who report Puerto Rican roots (10.4%), and some of the residents are also of Italian ancestry (6.1%), along with some Dominican ancestry residents (4.2%), among others. In addition, 47.9% of the residents of this neighborhood were born in another country.

Getting to Work

Even if your neighborhood is walkable, you may still have to drive to your place of work. Some neighborhoods are located where many can get to work in just a few minutes, while others are located such that most residents have a long and arduous commute. The greatest number of commuters in Wynwood neighborhood spend between 15 and 30 minutes commuting one-way to work (38.1% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (54.7%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (17.2%) and 7.5% of residents also ride the bus for their daily commute. In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.


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