Miami's Real Estate Boom: What You Must Know

 

Miami is becoming a center for tech startups and investors at a fast pace

Miami has become the second most expensive city in the housing market, after Los Angeles. But this hasn’t stopped people from making the city a new reference in tech development and startups. It has been compared to Silicon Valley. 

 

The pandemic affected several industries and changed the way people worked. It wasn’t necessary to go to an office every day or be close to your workspace. When people started to notice that, most of them began to plan around this by moving to states where they could work in their industries while planning their personal lives. When most companies started to realize the benefits of remote work, they began to change the way they conceived remote work, allowing most of their employees to work from wherever they wanted. 

 

But what does this means for real estate? 

Craig Studniky, executive director of Related ISG Realty, commented that Florida had increased its population by 900 people per day over the last few years. The pandemic didn’t affect this internal migration as much as other states. Over the first four months of 2021, the housing market grew by 39.8%. 

 

It is expected that the housing market will normalize by next year, offering more options for buyers since inventory has been on the rise. However, don’t expect prices to lower; those will still be on the rise. 

 

In recent predictions, there’s a forecast of a 3.2% increase in home price by June next year or even a 12% increase by July. 

 

Millennials are looking for comfort (a better quality of life, and most of them, started to plan their families). That’s a big reason why cities like Miami are booming in real estate: since it’s beginning to become a startup and tech capital, it’s a tax-friendly area, and real estate is on the rise, it’s the perfect place to start planning their professional and personal future. 

 

Just like it happened in New York City and the Bay Area, Miami is in the zeitgeist of a tech financial boom that, on the one hand, has created opportunities for those who can afford a house and have their work here. On the other hand, it makes a breach in the quality of life among specific populations. Still, Rebecca Danta, from the angel firm Miami Angels, claims that part of the solution could be generating more job opportunities in the tech area to close that gap. 

 

Miami’s continued rise won’t stop any time soon and will stay relevant in this new normal, and real estate will be one of the markets that will see the benefits from this. 

Moving to Miami? All you need to know

 

Miami is a wonderful city, on an eternal vacation and with a wonderful climate. Plus, Miami brings together the best of worlds: Caribbean flavor and American culture. But, before moving to Miami, as in any city in the world to which you want to move, you must know certain factors: who lives there, what the lifestyle is like, the economy, etc.

 

Miami has a very colorful and happy culture, with a vibrant nightlife and beaches, and warm winters, if this is something that matters to you, this is your place. But, since not everything is fun, here is a guide to the advantages and disadvantages of living in this city.

 

What factors should I consider when moving to Miami?

When moving to Miami you must consider a number of factors:

Climate

For those who want to live in the United States, there are many advantages in this particular aspect. With 50 states, you have all the climates to choose from. Miami is a city with a mild climate and temperatures, when you compare it to others, especially in winter. However, it is a city where it rains constantly and is in the eye of the hurricane, at least between June and November.

 

Therefore, if you want to move to Miami, you should consider that you will have to prepare for this season.

 

Additionally, consider that during the summer the temperatures will be quite high and the humidity is intense.

Is Miami an expensive city to live in?

Yes. The highest costs of living in Miami are rent and food. But Florida has a benevolent tax legislation: there is no state income tax in Florida, which could save you thousands of dollars (you should pay only the federal taxes).

 

Traffic

In Miami you lose time in traffic!!! This is true! There are areas that are very congested and this makes people look to live in other areas of the city and surroundings and not waste so much time in traffic.

 

There are several factors to improve in these aspect, but we know that the corresponding authorities are working on it. Even so, it is our duty to tell you…

 

Food, food, food... many different culinary cultures in one place

In Miami you will never get bored of eating the same, since the cultural offer is not only in activities, but also in restaurants!! Whatever you want to eat, we have it!

 

There are MANY options in condos to move to Miami

When you are moving to Miami, you have to make decisions like whether to rent or buy; the area where you want to live; if you have children, the schools where they will go, etc.

Fortunately, there are options for everyone and we can help you! Check our web to know our options for you.

 

Activities and cultural offer

It is impossible to be bored in this city. If you are moving to Miami, be prepared to be amazed by the lot of things to do. For lovers of nightlife, Miami offers the most intense activity; If you prefer to taste Latin American cuisine, the city offers an impressive variety of restaurants.

 

If your interests are inclined towards art, the galleries represent artists from all over world. If you prefer contact with nature, we have famous natural parks that are less than three hours away.

 

What are you waiting for? Moving to Miami looks like a many more joys and advantages than anything else. We will be waiting for you!