Miami is a glistening city by the sea! With friendly locals, nonstop entertainment, warm temperatures all year round, and eclectic, global culture, the Magic City is a prime living location. Set on the southern tip of Florida, Miami is full of exciting, international experiences, a world-famous coastline, and thrilling potential to be your next home. Neighborhoods range from quieter family hubs to bustling, big-city areas – there is something for everyone to enjoy. But what to expect from Miami?
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Located in South Florida, in the Miami-Dade County, Miami is the state’s cultural, economic, and social capital. One of the country’s most diverse cities, 72% of Miami residents identify as Hispanic/Latino, and 66% of the population speak Spanish. Miami is the second-largest city in Florida, right behind Jacksonville, and the 42nd largest city in the nation with an estimated population of 447,000 inhabitants. The Magic City is experiencing a growth rate of about 1.09% per year.
Miami’s median household income is about $70,110 per year. The city’s housing costs are 44% higher than the national average, and the general cost of living is roughly 14% higher than other large cities. Nevertheless, the state of Florida doesn’t tax income, pensions, inheritances, or Social Security.
Miami is the fifth-most walkable large city in the country. Downtown, Wynwood, and Little Havana are the most pedestrian-friendly areas. Locals utilize a network of buses, railways, and bicycle lanes for public transportation. However, most inhabitants still rely on their cars to traverse from neighborhood to neighborhood. Unfortunately, Miami is tied with Los Angeles for the longest commute in the country. On average, personal commutes last 56 minutes.
Generally, Miami has a more “laid-back” culture. Time might move slower from where you’re coming from, and you’ll notice that local residents lack a certain urgency for some everyday aspects, such as customer service. This nonchalant lifestyle aligns with more South European and Latin American cultures.
Known as summer heaven, Miami offers warm temperatures year-round. Winters in Miami average 68 degrees and summer temperatures reach 84 degrees or hotter. The famous Florida humidity hovers around 72% yearly, and it makes summer heat feel unbearable. (The humidity might also make cool nights feel colder, warranting the one sweater in the house.) Hurricane season is problematic for Miami; the season lasts from June to November, and since 1930, 85 hurricanes have damaged Miami. It’s best to have a hurricane kit just in case of emergencies.
Miami Crime Rate
Since 2019, Miami’s crime rate is 71% higher than the national average. According to statistics, Miami is only safer than 10% of cities in the country. Theft was the most reported crime, followed by assault, vehicle theft, and robbery,
Miami’s Educational System
The Miami-Dade County Public School system is the fourth-largest system in the country with 334,000 students. The school system has been A-rated for two consecutive years.
Average Home Prices in Miami
In 2021, the average price for a one-bedroom apartment in Miami is $1,915 per month – an increase from $1,700 in 2019. Most condos and apartments require three or four months’ rent to approve an application.
For more traditional homes, the median listing price is $450,000, or $331 per square foot. Furthermore, on a 30-year fixed-rate loan, with 20% down, a $450,000 home will come with a monthly mortgage payment of around $1,800. If you wish to buy a house under a homeowners association, it’s important to consider association fees. If you’re interested in buying property, it’s favorable that you seek a licensed real estate agent who will be informed on neighborhood specifics and home loan recommendations.
Additionally, Miami’s expensive nature translates not only to the housing market but also to quotidian prices in restaurants, bars, salons, and entertainment venues. Not to mention the city’s high season, which runs normally from October through March of every year. During these months, the city’s population increases vastly with tourists and seasonal residents due to the balmy weather and low tax rates.
Top Miami Neighborhoods
Wynwood – Known as Miami’s artistic hub, with vibrant murals and art installations across the area, Wynwood is the city’s renowned art district. Restaurants, cafes, breweries, and music venues are plentiful. As it is on the more expensive side, you’ll find mainly smaller condos in low-rise and mid-rise buildings. Construction projects are ongoing, so getting used to the noise and crowds is essential.
Little Havana – This neighborhood harbors the largest Cuban population outside of Cuba. Known for its rich culture, cuisine, and musical flavors, Little Havana is a gem within Miami. The locals are welcoming and kind to tourists and those who wish to plant their roots in the neighborhood. Available properties include condos in low-rise and mid-rise buildings and single-family homes – but they may be hard to come by, as Little Havana is a highly coveted location.
Brickell – Miami’s business and financial center, Brickell offers chic, lavish living. You’ll be in the epicenter of the action, with the beach nearby, tons of trendy restaurants and bars available at any time of day, and you’ll have the perfect views of Downtown and Biscayne Bay. While the area may be perpetually crowded with pedestrians and vehicles, as well as one of the most expensive districts in the city, Brickell is as glistening as it is modern.
Every neighborhood in the city has its pros and cons, still, Miami as a whole is a spectacular metropolis by the sea. Full of natural wonder, urban flair, and a fiery city spirit, Miami is a timeless, priceless place to call home.
Ready to visit your future home? Gray Line Miami offers an incredible Best of Miami City Tour that will take you on a grand Magic City adventure! Visit Miami landmarks such as Little Havana and Wynwood, and other gems such as Venetian Causeway and Downtown Miami! Indulge in the city’s famed Art Deco architectural style, Miami’s eclectic cultural heritage, and all the surprises the Magic City has to offer!