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.

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.

Miami Cost of Living
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.

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.

Miami Employment Market
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.

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.

Miami School Districts
Crime Rates in Miami

Crime Rates in Miami

Unfortunately, crime is one area where Miami does not rate well. According to Sperling’s, Miami’s violent crime rate ranks 91 on an index of 100, with 100 being the highest level of crime. The average for the country is 31.1. The property crime rating is 62, compared to a 38.1 nationwide average.

Even with these high crime rates, there are many quiet and safe neighborhoods throughout the Miami area. Taking your time to shop for real estate in the right location can ensure a safe and enjoyable experience living 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.

Getting Around in Miami
Leisure and Entertainment 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.

Lending Bankers Mortgage Can Connect You With Residential and Commercial Loans in Miami, FL

Whether you are looking to purchase a home in Miami, or you are thinking about buying or building commercial property in the area, you have made an excellent choice. Real estate value here is expected to continue to rise, so now is the time to take advantage of competitive housing prices. Please give us a call today at (786) 220-1100 and we will set up a free consultation to discuss your needs. We look forward to welcoming you to Miami and helping you finance the property purchase of your dreams.

20:39 11 Jan 22
Muy agradecido con Gabriel y con David por su profesionalismo, hicieron el proceso sencillo, siempre respondieron a mis dudas sin importar el día y la hora, me mantuvieron informado de cada paso,... los tiempos se cumplieron como lo estimaron. ¡Muchísimas gracias!read more
18:38 05 Jan 22
La experiencia que tuve con Claudia y Ana en la refinanciación de mi casa fue excelente. Cuando otros bancos me habían dicho que no o que no tenían tiempo para mi, ellas trabajaron eficientemente y... rápidamente cerraron mi operación. A lo largo de todo el proceso hubo constante comunicación contestando el teléfono a cualquier hora y siempre haciendo seguimiento.Las recomiendo 100% para cualquier necesidad de more
Juan Rodriguez
Juan R.
13:34 24 Nov 21
Thanks to Lending Bankers, I was able to close my first real estate deal while being 100% outside of the US.!!Given their expertise and high level standards, we managed to close a deal that seemed... impossible at the beginning. Working during very limited hours (EU+US) and being outside the US never represented a barrier for them.Eyes closed and hands down I personally recommend Lending Bankers as a trusted partner for residential loans!Ana (a.k Anita), David and Jacqueline are the best partners you could ever have for this complex more
Danet De Leon
Danet De L.
17:43 23 Nov 21
I had the pleasure to work with Ana Salermo from the team at Lending Bankers. She was very professional and built rapport with my client Juan David right away, she is pro-active which is a quality... that I always look for when working with people since I am already so busy with clients the last thing I need is to be on top of somebody else to make sure they do their job correctly. Highly recommend her to other agents as an asset to their more
Amad Naffah Farah
Amad Naffah F.
01:22 20 Nov 21
Excelente servicio y mucho profesionalismo. Ya tengo varios Creditos tramitados con ellos y en todos me ha ido bien. Recomendados al 100%
Jp Lem
Jp L.
19:20 19 Oct 21
Fantastic to work with. Very professional and knowledgeable.
Frida MLR
Frida M.
15:00 19 Oct 21
Kind, fast, reliable and they know all the ways so that your loan is the best and most successful, Thank you David and Gabriel, for this easy and friendly closing, everyone happyFrida
José Manuel Herrerías
José Manuel H.
16:24 14 Oct 21
Excellent service from Lending Bankers. David and Gabriel were great. Very responsive, took the time to explain every detail of the Loan and helped us to choose the best option. Definitely I... recommend more
Alon Ben-David
Alon B.
12:12 16 Sep 21
Working with Claudia was the most comfortable, smooth and pleasant experience, for the third time.She is professional, detailed, caring and available when ever you and/ or your project needs here... more
20:20 13 Sep 21
David and Gabriel did a very good job, during the purchase of my properties, providing me with support during the purchase process. Thank you so much. FAUSTO
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