All of Latin America together knows Miami as its unofficial capital. The geographical proximity, its tropical climate almost all year round, the cultural similarity make Miami the ideal destination to emigrate to the United States and a meeting point for the Latino community. What began as a small haven for Southerners after the Civil War has grown into a cosmopolitan city that attracts more and more people every day.
One of the pillars of the city are the emigrants who have arrived in different waves. At the beginning of the twentieth century they were Europeans escaping the complex situation of the continent. But since the Cuban revolution in the late fifties and the assassination of Rafael Leonidas Trujillo in the Dominican Republic, immigration has a Latin flavor.
The city is consolidating itself as a place of weight at a global level. Not in vain has risen twenty-four seats, ranking twenty-eight, within the world ranking of the 140 best cities to live, this was in full 2020. The year of the pandemic. But what are the advantages and disadvantages of the city? Next, we tell you.
Advantages:
1. Taxes: Conventional wisdom says that the only two things you can’t avoid in life are death… and taxes. In general, Florida has been characterized by benevolent tax legislation: while San Francisco or Los Angeles collects almost thirty (30%) percent of the rent, Miami does not.
The city’s main source of revenue comes from property taxes, but there are discounts based on age, race, prompt payment, land use, whether it is the primary residence, etc. Nor are state taxes charged, only federal taxes and inheritances are not assessed.
2. Cultural offer: there is something for all tastes, interests, budgets, cultures… It is impossible to get bored in the city. For nightlife lovers, Miami offers the most intense activity in the country and is, in fact, the favorite destination for students in Spring Break; If you prefer to taste Latin American cuisine, the city offers an impressive variety of restaurants.
But if your interests lean towards art, the galleries represent artists from all over Latin America and Art Basel is a world reference fair. If you prefer contact with nature, two of the country’s most famous natural parks are less than three hours away.
3. Relaxed culture: maybe it’s because of the weather. Being a coastal city on the Caribbean Sea or the environment, people have much less pressure and generally better quality of life than elsewhere in the union: except for school or work, no one has a rigid arrival schedule. In general, Miamians are very relaxed and are always thinking about enjoying life.
4. Health: it is a fact that the climate influences the quality and mood of its inhabitants. In general, people who live in warm places are more open and more cheerful in their dealings. Miami is no exception. In addition, its summer weather helps to adopt positive habits such as exercise, nightlife, beach and outdoor activities.
Disadvantages:
1. Weather: what at first may seem like a contradiction, are actually factors to take into account if you want to move. Behind California, Florida is an agricultural state. The rainy seasons are constant throughout the year. The city is no stranger to tropical storms or hurricanes. It is obviously designed to withstand the onslaught of nature and is not a big problem for permanent residents.
It is a very hot and humid city, especially in summer. For some it can be difficult to adapt to the climate.
2. Transportation: Many Miamians joke that the city is the place where traffic jams can last up to two hours. And there are several aspects to improve in this aspect. The different mayors are aware and have undertaken several projects of avenues, improvements in the subway, routes and schedules of the bus system in the city. It is known that it is even planned to inaugurate new Metro lines.
3. Cost of Living: Compared to other places, Miami can be expensive. But it is the cheapest among the ten most expensive cities in the union, surpassed by San Francisco, Boston, Washington D.C., New York, etc. The two expenses that weigh the most within the family budget are rent, almost fifty percent of the average income of a family in the city; and food.
It is estimated that up to 100 new residents can arrive weekly to the city, with housing being one of their main needs at the time of arrival.
As you can see, there are more advantages of Miami than disadvantages, especially if you are thinking of investing in the purchase of real estate. There is always going to be someone interested in moving to the city and properties on average are always valued. 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.
