Tuesday, August 14, 2012

Low Unemployment and Plentiful Jobs Help Keep the Doral Real Estate Market Healthy

The Doral area is known for being a stable and growing city. It is close to Miami and within driving distance to most popular Florida attractions. The low unemployment rate and plentiful job market help to keep the Doral real estate market healthy. Unemployment in the Doral area is below state and national averages making Doral a stable and thriving community. The area has several major employers which employ approximately 150,000 workers. Univision, CBS 4, Telefutura, Pepsi, Carnival Cruise lines and over 500 banks and hotels make Doral their home.

According to the latest statistics, Doral rates above both Florida and the United States for employment and per capita income. Per capita income in Doral is approximately $8,000 higher than the national average, and $7,000 higher than the state overall average. The poverty level in Doral is also lower than the national and state at 11.7%.  The following table from AreaVibes.com shows a breakdown of the local, state and national averages.

Income per capita
Median household income
Median household income owner occupied
Median household income renter occupied
Median earnings male
Median earnings female
Poverty level

These numbers help to make the Doral real estate market stable. More people are moving into Doral than any other city in the Miami/Dade area. Full time workers comprise 85% of the work force. Wholesale and retail services are the largest employers with financial and insurance coming in second. Third place for employment in Doral is transportation, warehouse , and utilities.  The majority of households earn between $60,000 and $100,000. The median age of Doral residents is 35 making Doral a young and vibrant community.

While the real estate market in Doral has experienced a drop in home values (like the rest of the country) it is showing signs of improvement. Home values have risen 5% from June of 2011 to June of 2012. In June of 2011 the median home value in Doral was $220,000. In June of 2012 the median home values rose to just over $230,000. While home value is a good indication of the health of an area’s real estate market, list prices are what home buyers and sellers have to contend with. In June of 2011 the average home list price was $275,000. A year later the average list price was $312,900.

These numbers show that the real estate market in Doral is alive and well. While the area has a temperate climate, is close to the Miami area, and offers residents a quality of life that is rated above state averages; the stable economy and growing job market combine with all of these factors to make Doral one of the most attractive places to live in Florida.

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