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.

Christopher Buckingham
Christopher B.
17:22 28 Feb 21
After a disaster of an experience with a major internet-driven mortgage company, I called Lending Bankers and spoke with David, who was refreshingly knowledgeable. I decided to work with himDavid... was able to tell me what he thought they could do, what would be required, how long it would take, and he and Gabriel were highly professional and responsive throughout the process.In the end, they delivered on exactly what they said they would, we closed quickly, and secured a rate that was better than what I had been quoted elsewhere. David got me out of a bind and delivered a great result.I am grateful and can't thank them enough. I would highly recommend Lending Bankers to anyone who wants to work with people who are trustworthy and more
Javier Lozada
Javier L.
14:18 11 Feb 21
As a self employed person, it’s not easy and straightforward to obtain a home mortgage but after being referred to Claudia at Lending Bankers, I found the right professional that guided me through... the process to find a suitable lender that would work with individuals with my employment profile. She and her team give you the facts and appropriate options to consider and therefore I felt at ease knowing I had an expert guiding me through the process. My family and I know have a dream home thanks to Lending Bankers. I highly recommend!read more
Alessandro Russo
Alessandro R.
20:50 06 Feb 21
As foreign national I’ve tried with another broker but after almost a year without getting nothing I’ve met Claudia Castano of Lending Bankers Mortgage and in 30 days I’ve got the cash out of my... property. She took care of everything. Very professional, efficient and quick. I highly recommend Claudia to anybody needs a more
Kasta Y Rodriguez-Varela
Kasta Y R.
03:01 05 Feb 21
Our law office, as Closing Agent, has handled several transactions for Claudia Castaño’s clients and all her clients have been extremely satisfied with her professional service and guidance. Her... extensive knowledge of the mortgage process and her constant communication throughout the transaction make her clients have a satisfying experience when refinancing or buying a property. We deal with several mortgage brokers in our office and Claudia is at the top of the list of the very best. We highly recommend her for all your mortgage more
Jorge del Castillo
Jorge del C.
20:21 11 Jan 21
It was great to have the opportunity of working with Claudia from the team, great experience, fast and sharp.
N Allenger
N A.
06:21 07 Jan 21
I would definitely recommend Claudia Castaño at Lending Bankers Mortgage. Claudia maintained a professional communication throughout the transaction along with constant updates. The first time... homebuyer was elated with the smooth and efficient Service. It was truly a positive more
Katrina Rodriguez
Katrina R.
15:31 14 Dec 20
Claudia Castano is the best mortgage broker I have ever dealt with. She is completely transparent and works towards your best interest no matter the type of transaction. I have done both a business... and personal loan and both times I have been completely satisfied. She was very knowledgeable and knew the requirements that would be needed for my loan ahead of time. This made it super simple to get my affairs in order first and then present a strong loan application which made the process that much more efficient and quick! She was also extremely responsive and flexible with her schedule. Would definitely recommend!read more
Cedric Sage
Cedric S.
21:56 01 Dec 20
Claudia is absolutely amazing.... Extremely knowledgeable and so responsive. I absolutely recommend her!
Allana Aguiar
Allana A.
23:12 29 Nov 20
I want to thank the entire staff at lending bankers for helping my parents purchase a condo unit here in Miami when all the banks we tried before said no, they explained the process clearly and had... the programs to make it happen. From the first call to the office we knew we were dealing with professionals. Keep up the good work guys, I highly recommend more
Bruno Duarte
Bruno D.
00:17 14 Nov 20
I was very fortunate to have come across David Otero and David comisso who were able to help me fulfill my dream of owning a new home. Their services were very professional and efficient and I highly... recommend more
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