Miami is a city situated in the south of the United States in the state of Florida. The city of Miami is part of the larger Miami-Dade County. It is a port city located right next to the Atlantic ocean. Miami is a city that grew incredibly quickly, earning it the nickname The Magic City. It began as an agricultural center. In the 1920s growth slowed with the Great Depression, but Miami experienced its next boom from Cuban migration when Fidel Castro took power. This gave Miami its second nickname, The Capital of Latin America.

Demographics

As the nickname hints, there is a massive Latin American population in Miami. Of a population of 2,751,796 million, 70% of residents are Latino, according to the 2017 census. The largest Latino population is Cuban, followed by Central Americans and then South Americans. This makes Miami a truly multilingual city, where residents are as likely to hear Spanish as English when out and about. The median income of the city is US $44,224. Miami has a high incidence of families under the poverty line and one of the lowest median household incomes in the United States for a major city. In 2017, it was ranked the second poorest metropolitan city by the US census.

Housing Costs

  • Cost per square foot to buy in Miami city center: US $400
  • Cost per square foot to buy outside city center: US $203.67
  • Monthly rent 1 bedroom in Miami city center: US $1,831
  • Monthly rent 1 bedroom outside city center: US $1,342

Quality of Living Index

According to the Mercer Quality of Living index, Miami is ranked 64th in the world for best cities to live in.

Corruption Index

The United States is ranked number 16 by the Transparency International Corruption Perception Index. The higher the rank, the less corrupt the country.

Cost Of Living

  • Cost of living per month for single person without rent: US $989.25
  • Cost of living per month for four-person family without rent: US $3,571.24
  • The minimum wage of Florida US $8.25

Top 5 Things to Do

  1. Tour Wynwood
  2. Nightlife (Miami Beach)
  3. Jungle Island
  4. Water Sports (Boat Tours, Jet Skiing, Snorkeling)
  5. Lincoln Road Shopping

Top Neighborhoods

  1. Coconut Grove
  2. Aventura
  3. Brickell

Education

The education system in the United States is government funded, meaning that all primary education below the collegiate level is free. 467 public schools are within the Miami-Dade county. Which public school children attend corresponds to where they live. There are also 357 private schools in Miami-Dade county. Furthermore, there are various universities in and around Miami, such as the University of Miami. According to the US census, 80.6% of Miami residents 25 or older have a high school education. 27.3% have a bachelor’s degree or higher education.

Healthcare

The average price for a visit to a primary care physician is US $95 according to Castlight Health. There are several hospitals in and around Miami, such as Mercy Hospital or University of Miami Hospital. Healthcare in the United States is notoriously costly. According to the Agency for Healthcare Research and Quality, a hospital stay in the US costs around $10,000 on average without insurance.

Natural Resources

Being a beachfront city, Miami’s main natural resource is the Atlantic Ocean. As seen in the top things to do, Miami has a strong tourism industry based around ocean activities. South Beach is one of the main tourist locations, and beaches are a draw to residents and tourists alike. Miami’s status as a port city also makes it a hub for trade and commerce. Furthermore, Miami is in close proximity to the Keys, a series of islands that are known for their natural beauty.

Crime Rates

According to Neighborhoodscout, Miami has a crime index of 6, meaning it is safer than 6% of US cities. The violent crime rate per 1,000 residents is 8.8. The property crime rate is 41.84.

Major Industries

Miami is a major center of commerce and finance. In particular, Miami is a major center for Latin American commerce. More than 1400 multinational corporations house their headquarters of Latin American operations in Miami. The city is also center for the creation of Spanish-language media, with several media giants like Univision and Telemundo headquartered there. Banking is a large industry in Miami, with America’s highest concentration of international banks. Furthermore, Miami has a huge tourism industry, especially centered around cruises. Both Miami International Airport and PortMiami are hubs with high incidence of international tourism and trade.

Real Estate Investment

At the moment, the Miami real estate market is slow. Projected growth over the next year according to the Zillow home value index is only 3.4 percent. This is due mostly a lack of buyers coming in from Latin America. Historically, Latin American buyers were the main source of demand in Miami. Now, issues with corruption in places like Brazil and Venezuela have restricted the amount of capital that can leave Latin America. However, because Miami is such a hub of commerce and “the capital of Latin America,” the relatively low prices may be an opportunity for investors. At any moment, demand may return and drive rapid growth. It is worth noting, however, that there are concerns about the effects of climate change and rising sea levels on the stability of the real estate market.

Cap Rate 0% 8% $/SQFT - Residential US$ 0 US$ 904.00
   
  • $/SQFT: 495.00 Cap Rate: 6.5 Population: 33,227.10 Income: 59,860.00
    Brickell
  • $/SQFT: 440.00 Cap Rate: 6.1 Population: 9,106.90 Income: 24,637.00
    Wynwood
  • $/SQFT: 753.00 Cap Rate: 5 Population: 2,693.40 Income: 116,686.00
    Key Biscayne
  • $/SQFT: 507.00 Cap Rate: 5.9 Population: 7,946.50 Income: 58,868.00
    Coconut Grove