Ranked twenty-eight (28) of the one hundred and forty (140) best cities to live in the world according to the list prepared by the Economist Intelligence Unit (EIU), Miami has gone from being the tourist city par excellence to a global financial center and the new Silicon Valley of the USA.
Unfortunately, that image of Miami Vice or Scarface still persists: a dangerous city, full of organized crime and the seventh (7th) most insecure in the USA in the nineties. Today’s picture is very different. Since that time it has reinvented itself as a cosmopolitan place, full of cultural and sporting events (Art Basel, ATPMasters of Miami), an open and diverse culture thanks to the different waves of immigration from all over the globe.
Many understand security as low crime, when in fact it is a term, which in the urban context, encompasses several aspects such as business ecosystem, job stability, access to health services, openness to different races, cultures, sexual orientations, religions, etc. In the ranking mentioned above, Miami ranked very well in all the aspects mentioned. Next, we delve into them:
1. Crime: probably one of the aspects in which the city has advanced the most. It is said that the probability of a robbery is one in two hundred. According to Telepor.org the city’s crime rates are low, compared to the top 100 cities around the world.
It is important to note that since 2000 crime rates (robberies, burglaries, murders) have been decreasing by approximately two points each year. Like every American city there is a large number of firearms per person, 98 per 100 residents, but the city of the sun only registers 12 incidents caused by these each year.
2. Business ecosystem: over time Miami’s economy has diversified: it no longer only depends on tourism and the Latino entertainment industry, but the financial and technological sectors increasingly have a greater participation in the city’s GDP. Last year, despite COVID-19, 1,598 startups remain and there were 3,036 events organized by them.
Miami grows every year 0.02%. GDP per capita is at 54,596.65 dollars. Another of its great advantages is the stability of the tax system: there have been no major changes in the last five years. The economic freedom score is at 84.76% according to Teleport.org. Corruption is at 26% and the ease of starting new businesses is 95%. As of last year, there were fifty-three (53) coworking spaces with the potential for expansion.
3. Health System: within the ranking prepared by EIU, this was the aspect that weighed the most in the global classification. 99% of the inhabitants have health insurance and its quality places it within the top ten cities in the United States.
Miami was one of the cities hardest hit by the pandemic, but maintained a relatively low death rate. The quarantines were short and effective, although it should be noted that the weather negatively influenced the evolution of COVID-19. Another point in favor has been the vaccination campaigns: they are so effective that the Latin American population has made it the favorite destination to access total immunity.
4. Job stability: the labor market is highly regulated. Economic activities are regulated by 91.4%, that is, there are very few gray areas in the current legislation of the city. Thanks to the arrival of financial capital, the quality of employment has improved and has also become specialized. You could say that the city’s nascent tech industry is hungry for talent.
In short, from all these aspects it can be inferred that the transformation of the city is positive, because it is the consequence of great structural changes that come from years ago, therefore, this is a great time to invest your money in the city.
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.