Miami Real Estate – Buying a house or apartment in Miami takes knowledge. We have a full overview of Miami’s best neighborhoods for real estate investment, and everything else you need to know. A real estate market report, real estate investment opportunities, tax rates, prices, etc. everything you could hope to know. From Biscayne Bay to Coral Gables and Little Haiti, everything you need to know about investment, for rental, commercial or residence.
Miami: Florida Real Estate and Property Investment
Miami may be synonymous with celebrities living in multi-million dollar mansions, some of the world’s best nightlife, and beaches, but it’s a lot more. There’s a massive cultural scene, there are great schools, and much more. For these many reasonss Miami is considered a future star of the American real estate market. Take a look below, what living in Miami’s super luxury can mean for you. Whether you want to buy a house or buy an apartment, Miami can give what you’re looking for.
Miami Mega-Mansion House Tour – $17.9 Million Beach Mansion
This ultra-modern luxury mansion is on the market for a whopping $17.9 million. For good reason though, as it has everything you’d want. Located on the man-made Venetian Islands, this place is everything your wildest dreams could imagine.
Located on the Venetian Islands, this is a home you want to have seen at least once in your life. A massive 7 bedrooms, and 7,5 bathrooms also mean that you can have as many guests over as you’d like, and you won’t run out of room.
- Location: 825 E Dilido Dr, Miami Beach, FL
- Price: $17.9 mil.
- Bedrooms: 7
- Bathrooms: 7,5
- Square feet: 8.048
What are Miami’s Industries? Miami Economy Explained
Miami is a somewhat wealthy economy. It has massive sectors of retail trade, service industry (hotels, restaurants, etc.), and construction. Miami’s current unemployment rate lies at 3,2%, which is below the US average, and much lower than e.g. Los Angeles, with 5,1%. You also cannot forget the massive tourism industry which takes charge in this city. The massive airport, prime vacation activities with everything from yacht, golf, and country clubs, diving, some of the world’s best restaurants, and so much more.
Where does Miami Rank in Cost of Living – Is Miami Expensive to Live?
In the cost of living index published by Numbeo, Miami is ranked 24th (77,49), New York and San Francisco are miles ahead, taking spots 2 and 4 respectively, while America’s other party city Las Vegas is comfortably in 79th place. The average restaurant trip here will cost $15,00 and a loaf of bread $2,99. In addition to rent, which is on average $1.325-$1.1.884 (1 Bedroom apartment) or $2.527-$3.688 (3 Bedroom apartment), basic utilities for a month cost $146 and the average internet plan $68. This is all to be taken in relation to the average salary, which is $3.362 a month after tax. To see how LV stacks up against other big metropolises, take a look below:
- Hamilton, BE (147,00) – 1
- New York City, NY (100,00) – 2
- San Francisco, CA (94,17) – 4
- Los Angeles, CA (81,31) – 15
- Miami, FL (77,98) – 25
- Las Vegas, NV (68,24) – 79
Rent Index – How Expensive is Rent in Miami?
Rent in Miami is quite high, ranking 16th highest for North American cities with a rent index of 62,01. The rent index tells you the relative price of rent. With many workers in this city passing through or only staying for a few years, rent can be an important thing to take a look at. Miami has very high rent, and a comparatively low average salary. Take a look at the ranking below, with rent index and position for North American cities:
- San Francisco, CA (116,48) – 1
- New York City, NY (100,00) – 2
- Los Angeles, CA (75,17) – 10
- Miami, FL (62,01) – 16
- Las Vegas, NV (38,99) – 64
Miami – Beach Drone Flight in Florida
One of the most famous ocean cities in the world. This is a beauty to look at. Some of the most modern architecture, and the decadent style which the U.S. is so famous for worldwide. Pure elegance.
Real Estate Investment: Luxury Properties in Miami
Miami is one of the hottest cities in the USA, and therefore, no surprise, it is also one of the hottest real estate markets in the country. Filled with super high-end condos, luxury villas, and more, this is an enticing market for the wealthy.
Rent Prices Miami – Should I Rent or Buy in Las Vegas?
It’s always important to look at the prices when thinking about whether to buy or rent. You should also think about two other things though. Your preferences, and the permanence that you want from your living situation. If you have a preference to let other people take care of major things, like cleaning public areas, etc. renting may be a good option. Additionally, with a job where you are likely to relocate frequently or have an uncertain job situation, renting is the clear best option. The average rent is $1.708, with an average apartment being 887 square feet. This comes out to
- Average Rent: $1.708
- Average Apartment Size: 887 sq. feet
What type of Real Estate Should I invest in?
Is Miami a Good Real Estate Investment? Property Investment Miami Overview
Miami is a growing market at the moment. At least in terms of prices: in the greater Miami area, median sales price increased by 5.5%! At the moment, there is little movement though, with a demand being met by an equal supply. Ideally, for investment a buyer would hope for more supply which would drive down prices, but a balanced market is also a good sign because that means sales are being met at about asking price. In fact, in Miami, at the moment, most sales are occuring at 3% below asking price, meaning many buyers are getting a good deal. Some numbers:
- Median Sale Price (Miami-Dade): $410.000
- Median Sale Price (Broward): $400.000
- Median Time to Sale (Miami-Dade): 92 Days
- Median Time to Sale (Broward): 73 Days
How Expensive is Real Estate in Miami?
On average, a property in Miami costs $678.000. This is higher than the median sales price, which indicates that there are some extremely expensive homes being sold which are driving this average up.
- Average Price: $678.000
Most Expensive Neighbourhoods in Miami – What is the Richest Neighborhood in Miami?
The most expensive real estate in Miami is found in Miami Beach. This small island makes up a large part of the luxury real estate market. Also popular are the Venetian Islands, manmade islands with some of the east coast’s most exclusive properties. Another area to keep in mind: Fisher Island, another of the famous islands lining Miami’s coral-blue waters. The most expensive neighborhood in Miami is Indian Creek Island. You basically can’t get more high class than this, and may not find it on other lists as these properties won’t be sold over zillow. These are the richest neighborhoods in Miami:
- Indian Creek Island: $15.000.000 – $47.000.000
- North Bay Road: $7.500.000 – $45.000.000
- Star Island: $7.100.000 – $28.000.000
- Hibiscus Island: $1.200.000 – $14.200.000
- Venetian Islands: $1.000.000 – $25.700.000
Miami Taxes – Property Taxes, Income Tax
If you live in Miami you’ll likely need to pay taxes here. As it is not one of the USA’s top tax havens, this may also be more expensive than you’d like. Let us take a closer look at tax rates in USA’s most unique state in Florida, and its star Miami. Thinking of buying? Don’t forget the buying real estate taxes.
Miami Tax Rates – Are Taxes High in Miami?
Miami, as it is in Florida, is one of the metropolises, along with Las Vegas, to not have an income tax. This makes it attractive to high earners, who will have to give away less of their income to the state
- Income Tax: 0%
- Sales Tax: 7,0%
Miami Property Tax Rates – Florida Rankings
Miami may not have income tax, but like so often, this is compensated via other forms of tax. This may explain an effective property tax rate which is higher than most other US property tax rates. Compare it to Los Angeles at 0,75% or New York property taxes at 0,86%. Take a look below to see what you need to know about miami property tax rates:
- Avg. US Property Tax – 1,1%
- Avg. Florida Property Tax – 0,94%
- Miami Property Tax – 1,04%
- Miami-Dade County – 0,97%
Want to learn more about property taxes, how they work, and how high they are in Florida, how high they are in Miami?
Safest Neighborhoods in Miami – Lowest Crime Rates
What are the safest areas in Miami? We’ve taken a look at the crime rates, and found that a few neighborhoods stand out among the rest. The safest area is certainly Brickell Hammock. Take a look at the full ranking below!
- Brickell Hammock
- Highland Lakes / Sun Swept Isles
- SW 136th St / SW 99th Ave
- SW 127th Ave / SW 56th St
- SW 54th Ave / SW 80th St
- SW 102nd Ave / SW 128th St
- Kendale Blvd / SW 88th St
- Krome Ave
- Krome Ave / SW 12Th St
- SW 42nd St / SW 162nd Ave
Top Miami Neighborhoods – What is the Best Neighborhood to Live in Las Vegas?
We present the most important, hottest, and up-and-coming neighborhoods to keep in mind. They are a mix of hot, up-and-coming artists’ districts, as well as safe bets, luxury neighborhoods, and anywhere else where real estate investment is a good option at the moment. Our top Miami neighborhoods for real estate are:
- Downtown Miami
- Coral Gables
- Little Haiti
- Coconut Grove
Downtown Miami – Tropical Manhattan
Hom to some of the most important finance institutions in the city, this area is also home to Bayfront Park, the InterContinental Hotel, and Bayside Market, so there’s plenty to see. There’s also some of Miami’s famous resstaurants here. Regarding real estate it’s a mixed bag, which makes this all the more attractive. Properties differ heavily in price-to-quality ratios, so you may have to be careful, but there’s tons of diamonds in the rough. There are a lot of alluring properties available. However, you should definitely do some research before committing to purchasing a rental unit in the south.
Coral Gables – The Undeniable Suburbia
Possibly the most prototypical Miami neighborhood, Coral Gables is known worldwide. It is extremely safe, beuatiful, and has beutiful real estate. Of course you can’t say it’s a hidden gem, but it is one of the safest investment options. Miami is growing, and its undeniable perfect neighborhood will become only more desirable with shrinking spaces.
- Median Price: $420.000
Little Haiti – Hip and Trendy Miami
This used to be one of the worst areas in Miami. Over time it has earned a reputation for its vibrant diverse cultural scene, with great food, a completely unique atmosphere, and away from the clean and sterile neighborhoods found on manmade islands across the water. Like Little Havana, you can expect this area to become a future superstar in the city. Median property here costs $373.000, so get it while it’s cheap!
- Median Price: $373.000
Bayshore – Miami’s Best Rental Investment
Some places you want to live, and in some places you want to rent out. Bayshore is where you want to rent out. Buying property here is comparably cheap to the rent that you can get from tenants. At the same time, prices for rent are increasing, while prices to buy are staying steady. Located on Miami Beach, you’re at a great position to get everywhere, and if Miami continues to grow as it has, prices will likely increase in the longterm as well.
Pinecrest – Area for Young Professionals
Pinecrest is a great compromise between the sprawling millionaire homes in Coral Gables or the Venetian Islands, and the rough and trendy of Little Havana or Little Haiti. It has great schools, is safe, and diverse, but it also has good nightlife and has many hip cafes and young professionals. If you’re 32 with a small family and a startup, this is the place to go in Miami, without a doubt.
- Pop.: 19.200
Coconut Grove – Raising a Family in Miami
Coconut Grove is exactly the suburban, family-friendly utopia that the name implies. It is beautiful, with eclectic and attractive architecture, as well as small streets and no highways passing through. The price reflects the quality though. With a median price of $930.000, not everyone will be able to afford it, but to live here is certainly the right decision if you want a quiet suburban home to raise a family.