Thinking of Moving to Miami?
Discover what living in the magic city is like.
If you're thinking about relocating or moving to Miami and currently researching various cities around the state, you've landed in the right place. This page has been assembled to help you gain a top-level overview of the Miami area, what this multi-cultural city offers its residents in terms of lifestyle, amenities, employment and real estate. We also encourage you to reach out to Geoff Fahey, our Miami relocation expert as he is glad to answer any questions you may have about the area, including the Miami real estate market, housing costs and annual living expenses.About Miami, FL
Located in Miami-Dade County, the City of Miami is the cultural, economic and financial center of South Florida. The greater Miami Metropolitan area is the largest in Florida with a population of 6.1 million people. Averaging 77' degrees year round and 248 sunny days per year, Miami is home to professional sports teams, the 2nd busiest cruise ship port in the world (Port Canaveral is #1), top-rated beaches and is commonly recognized as a "Top Place to Live" and a "Best City to Retire" by national raking publications. The City of Miami offers a strong employment market and has been additionally recognized by CIO Magazine as the 4th Fastest Growing US Tech Hub for IT in the country in 2022.Miami Awards & Accolades
The Miami area commonly receives awards and accolades for its top-rated beaches, thriving business community, quality healthcare and high-quality of life for residents and tourists alike. View recent awards below.- 2023
- 2022
Miami Named the #1 "Healthiest City" in America - Mindbody Miami Ranked as the 3rd "Most Fun City" in America - WalletHub Miami Recognized as the 4th Fastest Growing US Tech Hub for IT - CIO Magazine Miami Named a "Best Place" for Single Boomers to Retire - US News & World Report - 2021
Top Reasons to Relocate to Miami
- Miami Offers Top-Rated Beaches
Miami offers tourists and residents alike the very best when it comes to the beach experience. Miami Beach's iconic South Beach, lined with art-deco style buildings and colorful awnings for outdoor eating, is commonly ranked as top beach in the state each year by publications such as TripAdvisor and Conde Nast Traveler. - Miami is a "Best City" to Retire In the U.S.
Miami was recently ranked as #4 on WalletHub's "Best Places to Retire in the U.S." list in late 2022. This study, which examined 180 of the largest areas U.S. metropolitan areas, was based upon 46 key indicators including retiree-friendliness, the annual cost of living and the number of healthcare facilities per person. View the Best U.S. Cities to Retire In Rankings.
# City, State Average Home Price Average Age 1 Charleston, SC $530,770 35.3 2 Orlando, FL $373,263 33.9 3 Cincinnati, OH $235,783 32.4 4 Miami, FL $569,426 40.4 5 Fort Lauderdale, FL $534,211 42.0 Average Home Prices as of Nov 1, 2023 - Miami is a Top Rated Real Estate Market
As a popular Florida retirement destination, Miami's real estate market has been appreciating steadily in recent years due to persons relocating to the area. At the start of November 2023, the average Miami home price is $569,426 which represents a 6.7% year-over-year increase. To find out exact housing and living costs, as well as the most popular neighborhoods people are moving into, contact Geoff Fahey, our Miami relocation expert listed on this page. - Florida Has No State Income Tax
One of the largest benefits to living in the sunshine state is not having to pay a state income tax. In lieu of a state income tax though, the state of Florida earns revenues from the millions of tourists that visit the state every year (approx 120 million) through a 7% sales tax (state level) and a 5% tourist tax (county level) from revenues on rental properties and hotel visits that are for a perdiod of six months or less. Once you declare your Florida residency, you'll quickly appreciate all the tourists who pay your share of state taxes. - Miami is a Top City to Start a Business In
According to a recent study by WalletHub (2022), Miami ranked 2nd in the nation as a "Best Large City to Start a Business in." This study, which comapred 100 large cities nationwide, analyzed multiple factors such as the current business environment and growth rate, access to funding and resources as well as actual business operating costs such as rent and labor. View City Rankings List - Miami Has Strong Employment Market
Miami's economy has been very strong in recent years with an unemployment rate of 1.9% in Sep of 2023, well below the national unemployment rate of 3.8%. Top sectors in the Miami economy include tourism, financial services, agriculture, education, and healthcare. Largest employers in the greater Miami area include Miami-Dade Public Schools, Miami-Dade County Government, Baptist Health South Florida and University of Miami. - Miami Has Top-Rated Healthcare & Hospitals
The greater Miami area has several top rated hospitals including Baptist Health South Florida, Mercy Hospital and Mount Sinai Medical Center. Recently, US News & World Report ranked Baptist Hospital of Miami as the Top 10 Best Hospitals in the state of Florida. View Florida Hospital Rankings. - Miami Has Endless Events to Explore
Miami offers residents an active calendar of outdoor events to attend year-round. Choose from food and craft beer festivals, musical performances, boat and car shows and film festivals just to name a few. Popular Miami events include the South Beach Jazz Festival, the Coconut Grove Arts Festival, Carnaval Miami, the South Beach Comedy Festival and the Miami International Boat Show. If you like attending sporting events, Miami is also home to the Miami Dolphins, the Miami Heat and the Miami Marlins. - Miami Offers a Year-Round Playground
With an average year-round temperature of 77' degrees and 248 sunny days each year, Miami is a top Florida city for outdoor enthusiasts. If you enjoy watersport activities, try kayaking or stand-up paddle boarding (SUP) on Biscayne Bay, South Beach's Sunset Islands or at the Oleta River State Park. If you prefer recreation by land, Miami offers miles of biking, jogging and pet-friendly trails including Snake Trail, Rickenbacker Trail and along Virginia Key. If you enjoy observing the native sea life and wild birds, visit Crandon Park or Bill Baggs Cape Florida State Park on Key Biscayne. - Miami Offers Endless Dining & Cuisine Options
From casual, pet-friendly sidewalk cafes to fancy, five-star restaurants, the greater Miami area offers a wide variety of cuisines for all teates and budgets. There's also a growing scene of craft pubs and beer gardens to check out such as Lincoln's Beard Brewing, MIA Beer Company, District Brew House and Tap79 Gastropub. Many of these local pubs are pet-friendly, have live entertainment and some even offer corn hole, darts and foosball while you enjoy a fresh, locally-crafted brew.
Geoff Fahey
Realtor®Your Miami Relocation Expert
786-605-9180
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The Miami Real Estate Market
Market outlook, trends and relocation advice by Geoff Fahey.
The demand for Miami real estate, which spans new high-rise developments, second homes, and income-producing properties, remains steady from both domestic and international buyers amidst our rising-inflation and now higher interest rate environment. While current inventory levels in the 4th quarter of 2023 have risen to a more healthy level of 3.6 months, vs 1.4 months as was during the market peak, this is still historically low. The average Miami home price is now $569K in early November which represents a 6.7% year-over-year increase.
As Miami-Dade County continues to attract buyers from Latin America who seek a cultural city, buyers from California and New York who seek tax benefits, as well as buyers from many top companies who are relocating their HQ's or regional offices to South Florida (120+ companies in 2022 alone), these factors continue to keep our housing market very strong, even over other Florida markets, amidst rising recession concerns.
For those who are seeking to purchase investment properties in the Miami area, I would encourage you to reach out to me as our team, and industry partners, are helping many to generate significantly more income and higher net returns than traditional “safe” investment property of the long-term. Although Florida real estate prices have risen in recent years, owning income-generating properties is still one of the best strategies many are using to build long-term wealth.
As Miami-Dade County continues to attract buyers from Latin America who seek a cultural city, buyers from California and New York who seek tax benefits, as well as buyers from many top companies who are relocating their HQ's or regional offices to South Florida (120+ companies in 2022 alone), these factors continue to keep our housing market very strong, even over other Florida markets, amidst rising recession concerns.
Miami Housing Market Outlook
My outlook for the Miami housing market in the year ahead is a continuation of the same consistent buyer demand as Miami continues growing into a large financial hub for many banks and financial companies and is now 2nd only in size to New York City on the east coast for the largest concentration of financial institutions. Should interest rates continue to bump up again, in addition to the increases already in 2023,, this should not have any significant impact on demand as many deals continue to be all cash or heavy cash. I also expect home price appreciation to be much more moderate in the year ahead as we are now post-pandemic and our market is rebalancing from the unprecedented level of accelerated market appreciation over the past couple of years.View market trends and relocation advice
Market Trends I'm Observing
- A majority of deals continue to be all cash or heavy cash.
- A younger demographic purchasing investment homes for Airbnb and VRBO rentals.
- Continued strong demand from international buyers who are looking at the Miami market to acquire property as a way to diversify their investments. This has caused accelerated home price appreciation and now putting Florida more on par with the more expensive housing costs of New York and California.
My Relocation Advice
The best advice I am able to offer those seeking to move to the Miami area for retirement, a job relocation or to be closer with family is to not wait too long as prices will likely keep rising with time, especially with our current inflationary environment as the same size house will simply cost you more in the future. As Florida has long been undervalued in its housing prices as compared to other highly-populated states, I do not expect this trend to reverse anytime soon.For those who are seeking to purchase investment properties in the Miami area, I would encourage you to reach out to me as our team, and industry partners, are helping many to generate significantly more income and higher net returns than traditional “safe” investment property of the long-term. Although Florida real estate prices have risen in recent years, owning income-generating properties is still one of the best strategies many are using to build long-term wealth.
Miami Relocation Reviews:
Read what Geoff's past clients are saying.
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"Geoff is a wealth of knowledge in the local market. He'll make anyone’s relocation transition smooth, as he can not only provide recommendations on where to live, but also for fun, eclectic places to eat, where to spend time, and other hotspots in the area."
Camille G.
Home Buyer -
"While I was considering many homes, Geoff helped me narrow down the number of homes to the exact criteria that was most important to me. Geoff reduced the hassle and made it about me, and what I wanted, rather than just selling me a random house. Loved working with him and already referred two of my other international friends his way!"
Maggie M.
Home Buyer -
"Geoff is trustworthy and knows that advising people without worrying about commissions and pushing a sale, will come back around with referrals tenfold. I love that he donates a portion of income from referrals to charity."
Brendan M.
Home Buyer
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