You’re probably asking yourself, is now the best time to move to Miami? Is it a good idea? Perhaps you’re concerned about Miami’s rising cost of living or considering relocating from another state and want to know how well you stand to find a job.
Many factors go into making a decision this big, so that’s what we’ll look at today.
The Best Time to Move to Miami
Are Home Prices Rising?
They are! Last May 2022, Miami-Dade reported a median home sale price of $575,000, an increase from $500,000 in May last year. The condominium sale price also went up to $415,000, a significant increase from $325,000 in May 2021. This is according to the data released by the Miami Association of Realtors.
It’s also important to know that mortgage rates are increasing, with the current rate at more than 5%.
But while prices may be increasing, they’re still relatively low compared to other towns in Florida — like Key Biscayne.
Taxes Are Low!
The cost of living in Miami is high, thanks to the high cost of housing. Currently, the cost of living is about 23.1% higher than the national average and even higher than in the rest of Florida.
However, if you’re moving from another expensive area like New York City or San Francisco, this might not shock you.
The low taxes in Florida can also help balance out some of the differences.
- Florida has no state income tax, which could save you thousands of dollars. Federal income taxes, however, will still apply.
- Miami has a seven percent sales tax, slightly lower than other parts of the country.
- Municipalities have different property taxes. Generally, you may be able to receive a discount if you pay them early.
Moving to Miami gives you access to some of the nation’s best job opportunities, including jobs in the tech industry.
Many major companies have already moved to Miami, and more are still coming, like Blackstone and Citadel. This influx of companies has created numerous job opportunities for locals and newcomers to Miami.
Is Now the Best Time to Move to Miami?
There’s no right or wrong answer as to whether you should move to Miami. It depends on your location, job, personal preferences, and many other factors.
The region has undergone enormous positive change over the last couple of decades. Whether you decide to stick around Miami or not, one thing is clear—it’s great to live in South Florida!
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Are you considering buying or selling a home in the Coral Gables/Miami area? If so, we’d love to help you! Please click here for our contact page, and we’ll reach out to you promptly.
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