Immaculate beaches stretching as far as the eye can see, bordered by the cerulean blue Atlantic ocean. Thousands of energetic spring breakers and partygoers moving together in time to the thunderous sounds and spellbinding lights of an EDM concert. Luxurious waterfront mega-mansions and towering downtown office buildings dazzling all who behold them.
What do all of these things have in common? You can find them all in the city of Miami FL! Since its humble beginnings as a small agrarian community, the city of Miami has reached stellar heights and captured the world’s imagination like no city has ever done before or after. It’s one of a kind; there’s nothing quite like it. There are tons of things to do, and lots to see!
If you’re interested in living in this frenetic, high-energy metropolis there are some things you’ll need to know before you go. The city of Miami is nothing if not complex, and making the decision to move should be done only once you’ve learned as much as you can about the city and its multifaceted economic, cultural and social landscape.
There are a wide variety of reasons why living in Miami is a good idea, but it’s not quite that simple. There are also several important reasons why living in Miami might not be the right idea. With this article, our intent is to give you a good idea regarding what you can expect when living in Miami. Let’s get started!
Facts and stats about the city of Miami, FL
Located on the southeastern coast of Florida, the city of Miami FL has a population of 470,914 residents and is the second-most populous metropolis on the east coast. In addition to being the second most populous city on the east coast, it’s also the seventh most populous city nationwide!
Miami has one of the largest economies of any urban area in the United States, with a gross domestic product (GDP) of nearly 345 billion dollars as of 2017. Most of this is attributable to banking, as Miami has one of the highest concentrations of international banks of any city in the country. Besides banking, biotechnology and medical research also contribute to this exceptional GDP, as does the tourism industry.
The city of Miami is notorious for its party culture, which brings in millions of visitors each year. The parties, festivals and gatherings that are held in Miami each year range from relatively small underground events to huge week-long extravaganzas that feature some of the biggest names in pop and hip hop music.
One of the reasons that this party culture is so prevalent in Miami is the climate. Miami is all but perpetually sunny, with an average temperature that almost never drops below 65 degrees Fahrenheit. Coupled with the beautiful beaches on Miami’s coastline, this creates the perfect atmosphere for a wild, no-holds-barred event.
Miami is also known for its cleanliness and eco friendliness, which have earned it the moniker “Cleanest city in America”. Public parks and thoroughfares are immaculate, and recycling programs are widely implemented. Smog is virtually nonexistent and green energy is in use by a significant percentage of the population.
The housing market in Miami FL
If you’re interested in buying a home in Miami, you might be pleasantly surprised to learn that the city of Miami actually has an exceptionally low median home price, considering its large population. Investment values, while far from stellar, are steadily trending upwards, albeit at a slower pace than in many other cities.
Let’s talk about that median home price for a moment. With a median home price of roughly $366,000, things aren’t exactly cheap; however, when you consider the large population of the city and its above-average median wage, this price is far more palatable than you might have initially anticipated.
Investment values are also steady, if somewhat underwhelming. If you plan on investing in the city of Miami FL, don’t expect huge profit margins or overwhelming appreciation rates. This notwithstanding, if you’re simply buying with the intention of living in Miami FL, appreciation rates should be substantial enough to net you a decent profit if you ever decide to sell your home.
If you’re planning on renting in the city of Miami, you should be prepared to spend significantly more than you would in many other cities across the country. With a median rent price of $1,700 a month, you might want to find another option that makes more sense economically, such as buying a home.
If you want to make this energetic, metropolitan city your home, you'll want to get in touch with the local real estate agents in Miami FL. These skilled, professional realtors will do their best to find you a home that suits your needs, at the best price possible, hiring a Miami realtor is the right choice. Before you know it, you might just be calling the city of Miami FL home!
Cost of living in Miami FL
If you're on a limited budget, you might be a bit disappointed to hear that the cost of living in the city of Miami FL is quite a lot higher than the U.S. average. While this isn’t true one hundred percent of the time, as often as not you’ll find that things in the city of Miami just cost more on average. From groceries to gas to housing costs, if you move to Miami expect to pay more than you did prior to the move.
One area of expenditures that you may notice a marked decrease in is utilities. While many other necessities for people living in Miami FL will end up costing you more than you might have spent in your previous city, utilities are usually cheaper due to the absence of a winter season. Although your electricity bills may run a bit high in the summers, electricity and other utilities are generally less costly here in the city of Miami FL.
In other areas like housing, however, the cost of living remains high. As we discussed earlier, homes in Miami are above average in cost but not outrageously so. Rent, on the other hand, is priced well above the national average; if you plan on renting, you should be prepared to pay 20-30% more than you may have previously been paying.
Other miscellaneous expenses for those living Miami FL also tend to run high, with many items being priced significantly above market value due to the increased demand created by the large population. Everything from groceries to school supplies to fuel for your car will likely end up consuming a larger portion of your budget.
Job market in Miami FL
If the previous section dampened your enthusiasm for living in Miami FL, allow us to rekindle that enthusiasm by telling you about its rapidly growing job market! If you’re a job seeker with a solid work ethic and a strong desire to succeed, you’ll find that these virtues are just about all you need to find work in this thriving local economy.
Of course, when you’re looking for jobs, it never hurts to have some experience or a college degree. There’s a great deal of demand for certified professionals in this job market, with numerous positions available for engineers, physicians, electricians, lawyers and more. If you have any kind of vocational training, it will go a long way towards helping you get a job.
If you don’t have this kind of certification, don’t worry. There are plenty of well paid jobs available for those without higher education and professional certifications, many of which also offer great career opportunities. The city of Miami also has a relatively high median salary of $52,000 a year, so even unskilled laborers make a very liveable wage.
Crime in Miami FL
If you’re planning on living in Miami FL, chances are you saw this coming a mile away. Even with all its many positive aspects, it’s undeniable that the city of Miami FL has gained a great deal of notoriety as a hotspot for organized crime, gang violence and substance trafficking. This being the case, you may be wondering whether Miami is a safe place to live, or at the very least safe enough. Let’s answer that question, shall we?
To begin, let’s get one thing out of the way. Yes, Miami has had a few sordid chapters in her storied past and yes, some of these sordid chapters persist to this day. Despite this unpleasant reality, Miami is improving its reputation concerning crime and public safety. Since crime peaked in the 1980s and 1990s, Miami has been steadily becoming a safer place to visit and a safer place to live.
So exactly how safe is Miami at this moment in time? The answer is safer than you might have thought. While its crime rates are far from exceptionally low, they aren’t nearly as high as those you will find in Houston, Denver or Detroit. What’s more, these crime rates are slowly but steadily decreasing, with lower numbers being reported each year.
Knowing all of this, here’s the bottom line. Is Miami a perfectly safe place to live? The answer is no; but is it safe enough? That depends on you. Do you have a family? Can you afford to live in a safer neighborhood? Do you have a good reason to move to Miami? These are all questions you need to consider in order to ascertain whether or not Miami is safe enough for you.
Although it has been dogged by issues that persistently threaten its stability, the city of Miami has nonetheless forged indomitably ahead. There are problems yet to be solved, but for many these problems are nothing in the face of the world of wonders that this city has to offer. Is Miami the place for you? There’s only one person that can decide.
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