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.

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.
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