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Real Estate Prices & Overview

Wynwood median real estate price is $758,956, which is more expensive than 85.9% of the neighborhoods in Florida and 82.1% of the neighborhoods in the U.S.

The average rental price in Wynwood is currently $3,573, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 85.3% 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 24.3%. This is higher than the rate of vacancies in 91.9% 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

Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in Miami, the Wynwood neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

One of the really unique and interesting things about the look and setting of the Wynwood neighborhood is that it is almost entirely dominated by large apartment buildings, such as apartment complexes or high-rise apartments. 75.5% of the residential real estate here is classified as such. This puts this neighborhood on the map as having a higher proportion of large apartment buildings than 96.0% of all neighborhoods in America.

In addition, homes built from 2000 through today make up a higher proportion of the Wynwood neighborhood's real estate landscape than 95.7% of the neighborhoods in America. When you are driving around this neighborhood, you'll notice right away that it is one of the newest built of any, with the smell of fresh paint, and the look of young landscaping nearly everywhere you look. In fact, 71.2% of the residential real estate here is classified as newer.

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, 16.6% of this neighborhood's residents have Cuban ancestry and 15.3% have South American ancestry.

Wynwood is also pretty special linguistically. Significantly, 69.3% of its residents five years old and above primarily speak Spanish at home. This is a higher percentage than 97.4% 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. What is interesting to note, is that the Wynwood neighborhood has a greater percentage of residents born in another country (50.8%) than are found in 97.7% of all U.S. neighborhoods.

The Neighbors

How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this 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 58.0% of the neighborhoods in America. In addition, 6.3% 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 59.9% of America's neighborhoods.

What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.

In the Wynwood neighborhood, 41.4% 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 25.0% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (22.3%), and 11.2% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Wynwood neighborhood is Spanish, spoken by 69.3% of households. Some people also speak English (24.4%).

Ethnicity / Ancestry

Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.

In the Wynwood neighborhood in Miami, FL, residents most commonly identify their ethnicity or ancestry as Cuban (16.6%). There are also a number of people of South American ancestry (15.3%), and residents who report Puerto Rican roots (7.9%), and some of the residents are also of Italian ancestry (6.1%), along with some Dominican ancestry residents (4.2%), among others. In addition, 50.8% 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 (45.4% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (49.1%) 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 (14.3%) and 8.9% 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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