Real estate purchase and cost of living in Miami, Florida
Miami is one of the great places Americans move to when they retire. However, you should not consider the city to be a place for elderly people. Miami in Florida is a popular destination for tourists and expats as well. The area offers great job and business opportunities, comfortable climate, breathtaking nature, and highly developed spheres of international trade, finance, retail, health care, and education. Reasonable apartments prices in Miami extend the variety of choice both for permanent stay and investments. Buying property in Miami, you can count on sea, sand, sun, national parks, sports, great neighborhoods to live in, and a strong job market.
If you are considering relocation to Miami or purchase of rental property, the various costs listed below will help you make an informed decision about the costs associated with moving and living in this part of Florida.
Key issues to be aware of
Miami is a centre of attraction for many foreign producers, actors, artists, and other representatives of the art sphere. Besides, many foreign businessmen prefer to start and develop their business in Miami. The city holds multiple international corporations as well as exhibitions and festivals. You will never get bored in the heart of Florida. Wide range of engaging entertainment creates strong demand on rental real estate and good opportunities for a joyful lifestyle.
Real estate prices in Miami
Cost of properties greatly depends on their location and number of amenities included. However, apartments in Florida cannot be called overpriced as their quality corresponds to the cost. The affordability of housing in Miami is proved by thousands of residents who have moved to the city from different parts of the world.
If you’re lucky enough to be in the upper end of the market, neighborhoods like Fisher Island, Indian Creek Village, and Coral Gables are favorites. Coconut Grove is great for those who like a bohemian lifestyle. The high demand for housing in Miami means that many abandoned neighborhoods are being rejuvenated and becoming popular among people from all walks of life.
The relevant prices are available on the website Florida.Realestate. To have a general picture of property cost in Miami, look at the following information.
- 2-bedroom apartment in Park Groove – $1,900,000
- 1-bedroom apartment in Reach Brickell City Center – $740,000
- 3-bedroom apartment in Paramount World Center – $1,630,000.
The above-mentioned list represents the differences in property prices in Miami. The official website Florida.Realestate is a reliable source for getting detailed information on each housing unit and its characteristics.
Expenses on food in Miami
Half of the residents of Miami are not citizens of the USA. Foreigners come to the area from different corners of the world, which influences the sphere of gastronomy as well. There are multiple restaurants, cafes, and other places that serve delicious food from different cuisines.
The prices on food in local shops are the following:
- Inexpensive restaurant: $12 – $25
- Coffee to go: $2.75 – $4.50
- Bottle of Coke: $1.39 – $2
- 1 liter of milk: $0.77 – $1.24
- Loaf of bread: $2.48 – $4.29
- 12 eggs: $2.00 to $4.00
- 1kg chicken: $4.41 – $16.53
- 1 kg of beef: $8.82 – $19.84
- 1kg apples: $2.20-$8.82
- 1 kg white rice: $2.76 – $6.61
Miami is known for its advanced transportation system that aims at reducing traffic jams and delivering good transportation conditions.
Here are some examples of ticket prices.
- Metro for one adult – $2.25
- One-day ticket – $5.65
- Monthly pass, no restrictions – $112.25
Additional expenses in Miami
Some expenses cannot be called obligatory or regular as they are purely individual and depend mostly on the lifestyle of a person. This category includes:
- Interment and communication
- Beauty procedures
- Owning and managing a car
The final word
Relocation to Miami in Florida may require a different budget as the initial location really matters. Still, investment in real estate appears to be one of the wisest decisions in terms of the unstable economic and social situation in the world.
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