Most Latino immigrants when they think of an American city to live the first to appear in their minds are: Miami, Los Angeles and New York. Each of them has its charm, advantages, disadvantages, identity and a particular spirit. Miami is usually identified with the sun, the beach, the breeze and the endless parties. The Big Apple is known as a cosmopolitan city, for shopping, snow, financial center, theater and an infinite cultural offer. Los Angeles with Hollywood and its contrast between the mountain and the beach.
But if you plan to move to one of these cities, what would be the best option? To a large extent this answer depends, in principle, on your budget, your personal/professional goals, taste for the climate, geography (proximity to your place of origin), if you have family, friends or a support network, etc. All three are coastal cities, all three are cosmopolitan cities, all three have an important Latino community, all three have national and global importance…
While Los Angeles and Miami do not suffer a strong winter, New York does. New York has a great public transportation system (even millionaires use it), while Miami and Los Angeles do not. New York and Los Angeles are known as entertainment capitals of the world, Miami only for the Latin region. Los Angeles and New York, especially the former, have the most expensive properties in the country; while Miami is one hundred thousand dollars cheaper than the national average.
So which one to choose? Below is a comparison of general prices.
Los Angeles vs. Miami
Los Angeles has a much more varied landscape than Miami, not only beaches but lakes and mountains. Instead, the Capital of the Sun has the everglades, an ecosystem almost unique in the world. They have a similar climate, although Miami is much warmer (29.3° vs. 25° its maximum temperature). In addition, Miami has fewer inhabitants, although it is no less cosmopolitan. Here we go Los Angeles, compared to Miami, according to the portal https://versus.com/, has:
1. Public transportation is $12.5 cheaper.
2. The average weekly salary is USD 120.05 higher.
3. Population on average 5.2 years younger
4. It has 3.5 million more inhabitants
5. A liter of milk and a liter of beer are five cents cheaper.
6. Has a higher level of air quality
7. Traffic is one hour slower
8. No Public Health Care
9. The unemployment rate is 2.5% higher.
10. The rent for an apartment in the city center is 2216.43 dollars. In Miami it is 1963.69
11. There are seven fewer universities than Miami
12. As for real estate, an average house (two stories, three rooms, a basement) in Los Angeles costs on average $ 618,000 while in Miami it is around $ 350,000
New York Vs Miami
The Big Apple. The capital of the world. It is in the top 10 places with more millionaires per square meter, when you walk through Central Park it is not difficult to see it. In it are permanently domiciled the fashion industry, the capitals of Wall Street and the latest trends in world urbanism. One of the most representative films at Christmas is Mi Pobre Angelito 2, which takes place between New York and Miami. When the Big Apple is compared to the Capital of the Sun, this is what the data looks like:
1. Unemployment rate is 1.9% lower
2. The salary is almost USD 300 per week higher
3. It has nearly eight million more people
4. New York has mountains and Miami Caribbean beaches
5. GDP was $1.022 billion in 2021. Miami recorded 257.6 million
6. The population is 3.9 years younger.
7. It has a cooler and more extreme climate. (10.2° vs 22.1°)
8. Both cities have very good health care
9. In New York the cost of a rent-in-one bedroom apartment downtown is USD 3025.73. In Miami it is USD 1963.69
10. The average salary is USD 6326.65, while in Miami it is USD 3673.20
11. The two cities do not register significant changes in terms of food, at most one dollar more expensive in Miami than in New York.
12. The monthly fare for public transport is USD 18 more expensive, and journeys take 14 minutes longer on average.
13. A one-bedroom apartment on average costs USD 450,000, while in Miami it is 350,000.
If you are thinking of investing in the city’s real estate market, Miami is the best option of the three cities: properties are cheaper, rents more expensive and geographical proximity to Latin America make their cultures similar. There are options for all budgets, it’s just a matter of finding the right one.
In PFS Realty Group given our real estate activity we are focused on advising those individuals and families who are interested in making investments of this type in Miami and South Florida, we have been working for more than twenty (20) years and for this, twenty (20) years that give us a specialty in what we do, If you want to explore real estate investment opportunities, we can schedule a meeting, face-to-face or virtual, to expand this information. Write to us at info@pfsrealty.kinsta.cloud and also visit our www.pfsblog.kinsta.cloud website to learn more about us.
