Miami, FL, is very much an appealing city for many. People are migrating to the dynamic metro region for several reasons. Many of the United States and the rest of the world choose Miami for work and vacation, and it is easy to understand why. Miami offers much more than entertainment, nightlife, and beaches. Homebuyers should consider the pros and cons of living in Miami before making a final decision. The weather, cost-of living, and other factors play an important role when deciding where to relocate your home base!
Quick Facts
- Miami's average household income is $68,105, with a poverty rate of 21.52%.
- In recent years, the median rental rate has been $1,242 per month, with a median dwelling value of $344,300.
- Miami is currently increasing at a 1.08% yearly rate, and its population has grown by 20.61%.
- The current population in Miami, FL is 483,395.
Miami, FL in a Nutshell
The Magic City is the East Coast's second-largest metropolis and the country's seventh-largest. It is the only major city in the United States founded by a woman. It also has the third-tallest American skyline, with around 300 high-rise skyscrapers. There is a lot to admire about this cultural and commercial hotspot in South Florida. But, as mentioned, it would help to see the benefits and drawbacks before moving there. Miami proper attracts young professionals from various trade and financial careers. Still, Miami Beach maintains it's party-hard vibe.
Meanwhile, Key Biscayne, Coral Gables, and Doral are popular places to raise a family. Miami's populace welcomes nontraditional families, and the city often hosts massive pride events. When they are not partying, Miami residents sometimes sunbathe on the beach. Residents also explore neighboring areas such as Biscayne National Park and the Everglades. Residents also partake in many of the same activities as tourists, such as relaxing on the beach. Sports fans pack stadiums in the metro area. The locals cheer on professional basketball, baseball, and football teams. Meanwhile, active locals spend their time golfing, deep-sea fishing, and scuba diving.
Economy
When people move to Miami, finding a job that fits their career path is a breeze. Miami's employment creation industries include finance, commerce, international business, healthcare, and media. Additionally, there are industries like Burger King, Southern Glazer's Wine & Spirits, and Telemundo. Meanwhile, Perry Ellis International and Norwegian Cruise Lines contribute to the city's economy. Fortune 500 business Lennar, and the University of Miami are also in Magic City. Tourism and trade are essential components of the local economy. PortMiami prides itself as the Cruise Capital of the World and one of the largest ports in the States.
Furthermore, Miami's unemployment rate has continued to fall. It has made the Miami metro one of the lowest in the country. This city is home to many significant corporations, as mentioned. Other economic contributors include American Airlines, Royal Caribbean, and the Nicklaus Children's Hospital. At the moment, many citizens and businesses are leaving Silicon Valley. So, the mayor has been striving to entice more tech and startups to establish roots in South Florida.
Employment
According to Miami Today, the current unemployment rate is 4.2%. The national average is 4.1 percent. The manufacturing business is rising to complement the city's significant tourism business. As mentioned, the Port of Miami is the busiest cruise passenger port in the world. Still, it does not mean that the city professions are only related to travel and hospitality.
Greater Miami is home to many national and international corporations. These businesses include Cisco Systems and Caterpillar Americas Services. The city also has the country's highest concentration of foreign banks. The city is also a fashion hub, with outposts of some of the world's biggest modeling agencies. The town also offers a wide range of exhibitions and events throughout the year. These events include the annual Miami Fashion Week and the Mercedes-Benz Fashion Week. Manufacturing employment is beginning to compete with Miami's vast tourism economy. So, the city's top industries continue to be Accommodation, Health Care, and Construction. Miami's job growth prediction for the next decade is 42.7%, much greater than the national average of 33.5%.
Real Estate in Miami, FL
Miami also has a thriving housing market. But, in the beginning, spectacular beachfront homes can cost tens of millions. Still, the median home value in this area is $344,300. This estimate was an almost 5% rise over the previous year. Housing costs in Miami are also higher than the national average for most families. In Miami-Dade County, a four-person family's average monthly cost of living is $3,700. So, those looking to buy a property in Miami may get a good one for roughly $396,659. Furthermore, closing expenses for sellers and buyers are exorbitant. Compared to other major U.S. cities, it can be a little bit exaggerated.
Real Estate Trends
Despite this, Miami's real estate market is currently quite balanced. This outcome indicates that the market has a good balance of buyers and sellers. This effort suggests the Miami housing market is closer to stabilizing than declining. So, whether people want to buy or sell a home in Miami, this is a favorable market to enter. Additionally, 63.3% of Miami residences have already sold, while 36.7% are for rent. Finally, there is good news for potential buyers looking to buy a property in Miami. There is now plenty of available inventory in the metro, although major U.S. cities are seeing drops. Some popular areas include Coral Gables and Coconut Grove in the present market. South Miami and Pinecrest are among the safest and most family-friendly neighborhoods.
Final Thoughts
Miami is a lovely city for adventurous individuals. These people wish to immerse in culture and experience life to the fullest. Miami is a fantastic site for inhabitants and tourists because of its diversity. But, some drawbacks, such as heat and humidity, might be off-putting to some people. Also, if people do not make a lot of money or have a lot of funds, Miami can be an expensive place to live. Still, Miami is a vibrant and fascinating location to live as the shining star of the Sunshine State. There is a healthy, dynamic community of like-minded folks here. Artists, athletes, and everyone have a fair share of contributions to society. But those who can stomach a lot of humidity will discover that it is a small price to pay to live in paradise.
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