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.

D. Lange
D. Lange
18:40 30 Sep 20
The process with Claudia was simply a pleasure. She was always on top of everything and I cannot thank her more regarding my case which had his own complexity. I would go with Lending Bankers again and highly recommend the company.read more
Jimmy Hurtado
Jimmy Hurtado
18:35 20 Jul 20
I am highly satisfied with the great help of Lending Bankers Mortgage, specially thank you Claudia for assisted us during all the process until to the approval. Definitely It was an amazing experience. I recommend it!read more
Monica Soto
Monica Soto
18:29 20 Jul 20
Awesome experience! Lending Bankers Mortgage helped me during all process for my mortgage. They got for us an excellent loan rate and the approval was ready in 20 days! Claudia is very professional and she was our great advisor. Thank you for to do our dream a reality today! We are extremely happy and proud to have our first home in U.Sread more
reyna Patricia Molina
reyna Patricia Molina
18:17 20 Jul 20
It was a pleasure working with Claudia Castano she made this my fastest closing yet! She has ample knowledge of the mortgage process and always finds a solution for any issues encountered in the process. I will use her services exclusively from now on as she proved herself to be trustworthy and to go beyond expectations.read more
Juan Luna
Juan Luna
23:10 19 Jun 20
Excellent service, they helped and assisted us during the entire process. Our dream is a reality now, we are happy homeowners. We got an excellent loan rate and the process went fast and smooth. Claudia is a great professional and very knowledgeable. 100% satisfied. Definitely recommend it.read more
Selim Akdogan
Selim Akdogan
07:55 18 Jun 20
They worked very professionally and I was very satisfied with their service. Even during this pandemic and us beeing in another country, they were always very available and things went very smoothly. We got the mortgage loan and closed from far during the pandemic.I can definitely recommend this team.read more
Miguel Otaola
Miguel Otaola
19:09 14 Jun 20
I needed to refinance my mortgage as my balloon payment was expiring. Claudia offered me several options based on my financial and personal situation. She guided me step by step until we got it done. I was able to obtain a great rate and a very affordable payment. Very professional, knowledgeable and excellent service.read more
Lucy
Lucy
19:55 18 May 20
Just amazing people, professionals, honest, trustworthy. I would recommend to friends and family. Extremely happy with the service and the outcome. Mr. David it’s an amazing professional and an even better human being. If I could give 10 Stars I would!!!read more
Lucy
Lucy
11:42 16 May 20
Just amazing people, professionals, honest, trustworthy they go to work and they get it done, I can testify to that. I would recommend to friends and family. Extremely happy with the service and the outcome. Mr. David it’s an amazing professional and an even better human being. If I could give 10 Stars I would!!!read more
Ana Salermo
Ana Salermo
22:57 28 Apr 20
As a real estate agent working closely with a good mortgage broker is key for the success of my business. The team at Lending Bankers is highly knowledgeable and they are always able to find a mortgage that fits my client's needs. More important they take the time to educate me and my clients in all aspects related to the mortgage. If you are a realtor looking for a great lender in the Miami / Fort Lauderdale area this is your team. Even during these difficult times they are giving solutions and closing loans.read more
Eugene Pabon
Eugene Pabon
20:07 12 Mar 20
Claudia was able to get me a private loan on my short-term rental when the banks would not touch the financially sound property. She was a great help!
OV Properties
OV Properties
20:12 04 Nov 19
We had the best experience working with Lending Bankers Mortgage and received the best attention possible from Mr. David. He handled everything smooth and helped us on a hard to get loan. We couldn't be more satisfied by the ability and help from the team.read more
OV Properties
OV Properties
20:12 04 Nov 19
We had the best experience working with Lending Bankers Mortgage and received the best attention possible from Mr. David. He handled everything smooth and helped us on a hard to get loan. We couldn't be more satisfied by the ability and help from the team.read more
Ernesto Osuna
Ernesto Osuna
23:47 22 Oct 19
I am very grateful and satisfied for all the work done by Kelly and Gustavo in approving the loan for my home. Excellent attention, very quick answers and always attentive to clarify your doubts
Clara Sellier
Clara Sellier
18:06 06 Oct 19
My clients experience could not have been better. David and his team far exceeded our expectations. They locked in at the lowest rate possible and when rates dropped again, they repeated the whole process and found my clients an even lower rate. The buying process for Foreign National, Investors , Debt Consolidation and financial solutions is exceptional, easy and the team is simply the best! Lendingbankers is a leader in facilitating options to help reach your financing goals.read more
harel bitton
harel bitton
20:09 11 Sep 19
Exceptional service !! Super reliable ,fast , honest brokers I ever dealt with over my 10 years as an agent . Literally this guys Finance EVERYTHING!
soraya McCollum
soraya McCollum
19:43 11 Sep 19
It was a great experience working with Lending Bankers . Mr David was great through all the process always available , very committed to provide us what we needed. Very high recommended!!
Lizzy Spaccarotella
Lizzy Spaccarotella
22:12 13 Aug 19
I had the best experience working with Claudia Castano, she was the loan officer and our office acted as the closing agent on a transaction. We really work as a team, she made the process easy and we closed the transaction on time as she promised. The buyer was super happy. We look forward to work with Claudia again!read more
Erika Spaccarotella
Erika Spaccarotella
23:34 12 Aug 19
I finally got my dream home thanks to Claudia Castano from Lending Bankers. I thought I’ll never get a loan but she helped me with the all process, THANK YOU CLAUDIA for all ur help! You are the best!read more
Merlin Friesen
Merlin Friesen
01:44 26 May 19
We had a great experience working with Gustavo and Lending Bankers. They provided a good no pressure approach and were very focused on providing what we wanted.Highly recommended !
Avisha Kassir
Avisha Kassir
15:41 04 Apr 19
Alex helped me purchase my first investment multifamily in Miami and very thankful for the awesome service I received! Super easy to work with, efficient and helped every step of the way and even came to closing which was awesome!! Highly recommend Alex! Can't wait to purchase my next 2 unit!!read more
Fiorella Mazzei
Fiorella Mazzei
16:37 16 Mar 19
Mr David of Lending Bankers Mortgage helped me to get a loan. He was such a professional advisor, always available to answer my questions and always clear and patient. I am not an US citizen and I was worry about the loan, but thanks to him and his staff everything was fine. Thank you Lending Bankers!read more
Fiorella Mazzei
Fiorella Mazzei
16:37 16 Mar 19
Mr David of Lending Bankers Mortgage helped me to get a loan. He was such a professional advisor, always available to answer my questions and always clear and patient. I am not an US citizen and I was worry about the loan, but thanks to him and his staff everything was fine. Thank you Lending Bankers!read more
sanja
sanja
18:35 21 Feb 19
I dont have words to discribe our amazing experience with Gustavo, that is part of this company. So professional, so responsive, so full with knowledge and always there when we needed. I can not be thankful enough to Gustavo for everything he did and for the smoothest closing ever. Thank you Gustavo for everything. You are the best read more
Aldo Enderica
Aldo Enderica
15:47 04 Jan 19
Amazing team! Had a great experience working with them on a hard to place loan. They never let their foot off the pedal and kept going until the end and as a result had an extremely smooth closing.
Christian Stanbury
Christian Stanbury
20:48 11 Oct 18
Alexander helped me purchase my first home. He worked with me every step of the way, and he even drove 70 miles north to my closing 6 hours before Hurricane Matthew hit South Florida. Can’t thank him enough for being such a great Loan Officer person and individual.read more
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