Living in Miami

Known as “Magic City” and “The Gateway to the Americas,” Miami is flanked by beautiful sandy beaches and turquoise waves. Residents living here enjoy a balmy climate and days soaked in sunshine. Around 5.5 million people call Miami home, making it the seventh most populous urban area in the entire country.

Thinking of moving to Miami, and wondering what it will be like, or trying to decide whether the city is a good site for your next real estate construction project? Let’s delve into data on the cost of living, transportation, taxes and more.



Cost of Living in Miami

Miami Cost of Living

According to Sperling’s Best Places, the cost of living in Miami is a bit higher than it is on average for the US as a whole, but not by a whole lot. Sperling’s index places the nationwide average at 100, and rates Miami’s cost of living by comparison at 122.80. For reference, you can contrast this with some other coastal cities such as San Diego, which rates 166.00, and Los Angeles, which comes in at 166.20.

What’s the breakdown? Most costs in Miami are only marginally more expensive than the nationwide average. These include groceries, healthcare expenses, transportation, and miscellaneous expenses. Housing comes in at 157 (again versus an average nationwide index of 100), so that is where most of the added expense comes in. Utilities on the other hand are actually slightly less expensive in Miami.

Taxes in Miami

Taxes in Miami

You will save money on sales taxes while living in Miami. Florida’s sales tax rate is only 6%, which is lower than the US average. There is more good news as well; Florida is one of seven states which has no income tax. This helps to offset the cost of living nicely.

Employment Market in Miami

Miami Employment Market

The US Census provides estimates for median household income, per capita income and poverty levels. According to the latest data, the average household brings in $44,224 per year, with median per capita income at $24,515. 18.2% of Miami-Dade residents are estimated to live in impoverished conditions. So the job market here can be tough.

If you have a job waiting for you, you should be able to earn a good living working in Miami. With the low taxes, there is a real opportunity to save money and secure your financial future if you are wise with budgeting decisions.

Average Home Prices in Miami

Average Home Prices in Miami

The Census lists the median value of housing units at $221,100 for the years 2012-2016, with monthly mortgage costs around $1,685. Zillow lists the current home value index for Miami at $326,369. Home values are projected to continue rising, so this is a good time to invest in some of the city’s beautiful real estate.

School District in Miami FL

Miami School Districts

While there are several school districts in the Miami area, the largest and best-known is Miami-Dade County Public Schools. This public district is not only the largest in the state of Florida, but the fourth largest nationwide. There are 467 schools in the district in total. You can also choose from a variety of private schools in Miami.

Some of the top rated schools in the city include the International Studies Charter Middle School, the Aventura City of Excellence School, and the School for Advanced Studies.

Getting Around in Miami

Getting Around in Miami

According to data 2016, the mean commute time for residents of Miami-Dade county was just over half an hour. This is specifically the “travel time to work,” so the average round trip would be closer to an hour.

If you do not wish to drive in Miami, you can avail yourself of the Metrorail, usually referred to simply as the “Metro.” Consisting of the Orange Line and the Green line, the Metro provides 23 stops for your convenience. There are also Metrobuses you can use if you do not want to park at the station.

Amusement Place in Miami

Leisure and Entertainment in Miami

On the weekends, you will find lots of fun activities to fill your time in Miami. Downtown attractions include Wynwood Walls, Jungle Island, Freedom Tower, the Miami Seaquarium, Crandon Park, among many more. You are also right near the Everglades, so if you are a nature lover, one of the world’s most unique and diverse landscapes awaits you. Go hiking, kayaking, bird watching, and camping any time you want to get away from the city crowds.

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Paulina Casillas
Paulina Casillas
00:14 16 Aug 23
I had the pleasure of working with Danny and David on a recent transaction. Their proactive approach, lightning-fast responses, and remarkable problem-solving abilities truly stood out. Without hesitation, I would recommend their services to anyone seeking a reliable and efficient mortgage professional.
Annia T
Annia T
11:35 09 Aug 23
Lending Bankers is one of the Lending institutions you will not regret to work. All of them are very knowledgeable and helpful to make this stressful process better for their client. David Otero and Gabriel Corrente help me to find a good Mortgage for my transaction in 1 Week!! Amazing 👏!! Thanks a lot for all your assistance and for keep me posted in every step. I will recommend them 💯
Armando Mercado
Armando Mercado
14:09 08 Aug 23
Smooth process.Reliable.Assertive.Energy and intensity when it is needed.I will use them again for sure.
Alex Dodenhoff
Alex Dodenhoff
16:02 02 Aug 23
We called Danny one week before closing after our former lender backed out. From the jump Danny was on top of things and didn't stop until it was closed, even more, we closed a day early. Simply put, Danny can make it happen!
Michelle Coalla
Michelle Coalla
18:29 01 Aug 23
Danny was great! Our client couldn't get funding from their lender last minute and Danny was able to close our client in less than a week! He really saved this deal. On top of that, he was so kind and always on top of everything to make sure we met the deadline.
Maximillian Dirnfeld
Maximillian Dirnfeld
17:59 01 Aug 23
Called Danny a week before closing and the man saved my deal and was professional all the way through can recommend
Jorge Vierci
Jorge Vierci
21:00 27 Jul 23
GabrielTe estoy escribiendo para agradecerles con David por el trato que nos dieron en la ocasiónDel cierre de nuestra financiación para compra de departamento en el edificio Missoni BaiaNos sentimos muy a gusto les felicito y ojala mas adelante podamos hacer otro negocios.Muchas Gracias AbrazosJorge
Maria Terentyeva
Maria Terentyeva
21:03 22 Jul 23
Mariya and Gustavo are truly exceptional mortgage loan originators, and I cannot recommend them enough. Their commitment to providing top-notch service to their clients is second to none. Throughout my entire home buying process, they were patient, consistent, and always available to answer any questions I had. If you are looking for mortgage loan originators who are professional, knowledgeable, and simply the best, then look no further — they will not disappoint! Thanks so much again:)
Carlos R
Carlos R
18:52 20 Jul 23
Fantastic experience from Lending Bankers. From start to finish David and Rodrigo provided top notch service with their professionalism and attention to detail. 10/10!!!!
Andreina España
Andreina España
00:06 20 Jul 23
Excellent and professional service, Danny and David have helped many of my clients obtain their home mortgages. I recommend them
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