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.

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.

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.

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.

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.

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Brenda D.

Gabriel y Otero estuvieron al pendiente de nosotros desde el momento en que nos contactaron con ellos. La comunicación con Gabriel era continua, precisa y muy amable. Gabriel ha sido parte fundamental para poder llevar a cabo ellos cierre de nuestro crédito , siempre explicándonos toda la información , el trato muy profesional pero sobre todo humano. Finalmente se logró el objetivo y esperamos poder volver a contar con su apoyo para algún futuro próximo. Solo agradecer y confirmar su colaboración impecable en nuestra operación. Gracias.

Meritxell A.

Fue un placer trabajar con Gabriel, un excelente profesional, que nos fue dando apoyo en todo el proceso financiero. Destacar también el resto del equipo Juan Manuel y David Otero. Contaremos con su colaboración para futuros proyectos de inversión. Muy recomendable trabajar con ellos.

Leonardo U.

Excelente atencion y muy profesionales , Juan G. y David su presidente son muy atentos y profesionales

julieta O.

We would like to extend our special thanks to Juan G and David Otero for their excellent disposition and support throughout the entire process. Juan G was especially cordial and attentive to every detail that we might not have considered. He consistently made sure to point these out to us, helping make the entire process much faster and simpler. 100% recommended! Thank you!

JOSE GUILLERMO CASTRO A.

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Carlos O.

Juan G. and David Otero were instrumental in helping me secure my construction loan. They were professional, knowledgeable, and very responsive throughout the entire process. They guided me step by step and made a complex transaction much smoother. I highly recommend them for any construction or financing needs.

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Luis Valmore Luzardo U.

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MILUSKA C.

I have been a real estate agent for over 20 years. I have worked with many mortgage companies. I can say that my experience with Lending Bankers was excellent! Juan Grieben, the loan officer, is an incredible professional. Juan has every strategy possible to create a realistic scenario and successfully close the transaction. David, President of Lending Bankers, is always available to help with any changes or directions the loan may take. I am very grateful for your spectacular work. You are my first choice for any loan I require, and for all my clients, of course! Great work!

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It’s always a pleasure to work with David Otero! He is very thorough and proactive!

Luis H.

Working with Lending Bankers has been amazing. David Otero and Gabriel are incredibly knowledgeable and always on top of everything. I really value how responsive and efficient they are, exactly the kind of mortgage brokers you want on your team to get deals closed smoothly.

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I had an outstanding experience working with Landing Bankers Mortgage in securing the mortgage for my new home. From start to finish, their team was incredibly professional, responsive, and supportive throughout the entire process. They took the time to explain every step clearly, found competitive rates tailored to my needs, and ensured that everything moved forward smoothly and efficiently. Their attention to detail and commitment to customer service truly set them apart. Thanks to their expertise and dedication, I was able to close on my new house with confidence and peace of mind. I highly recommend Landing Bankers Mortgage to anyone looking for a seamless and trustworthy mortgage experience

Julian A.

I had an excellent experience working with Lending Bankers Mortgage, and I’d like to especially highlight the outstanding support from David Otero, Juan Manuel, and Gabriel throughout the entire process. Their professionalism, transparency, and constant communication made the mortgage process smooth and stress-free. They were always available to answer questions, provided clear guidance at every step, and truly went above and beyond to ensure everything was completed on time. I highly recommend Lending Bankers Mortgage to anyone looking for a trustworthy and efficient mortgage team. Thank you again to Dante, Juan Manuel, and Gabriel for your dedication and exceptional service!

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Erika B.

Highly recommended! The services provided by Gustavo were exceptional. His advice and support throughout the entire credit approval process were invaluable. Gustavo was a key figure in the selection of the property and in achieving the successful approval of the credit for our first property. Thank you very much, Gustavo Gamboa

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Ruben S.

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Federico Fernandez A.

Todo perfecto! Especial mencion a Juan G y David. Siempre predispuestos a ayudar en todo. Tambien mucha paciencia, ya que fue la primer experiencia de compra con un lender en USA y, a pesar de los obstaculos que se presentaban, siempre intentaron hacer lo imposible para que se cumpla en tiempo y forma. Muchas gracias!

Melanie T.

I had the pleasure to work with Danny Perez. He was very professional and made my mortgage application process as smooth as possible. Thank you again Danny for all the hard work you put in to helping me get my investment property done. You are amazing at what you do😊