Currently, Miami Dade County stands out as an attractive tourist, residential and real estate investment destination. Learn why below.
About Miami Dade County
It is located on the southeastern tip of the Florida peninsula. Miami Dade County has more than five thousand square kilometers ( Miami-Dade County , n.d.). It is the most populous in the state, with more than 2.7 million inhabitants (United States Census Bureau, 2019). 69% of them identify as Latino or Hispanic. It has 34 municipalities and communities (Miami-Dade County, n.d.). It encompasses some of Florida’s most recognizable cities such as Miami, Miami Beach, Coral Gables, Doral, Sunny Isles Beach and Key Biscayne.
Living conditions
There are many homes for sale in Florida, so what are the reasons to buy a property in Miami Dade County? For starters, Florida does not tax the personal income of its residents. Additionally, it is the thirteenth best state in terms of property taxes and the fourth at the level of the general tax system (Walczak and Cammenga, 2020).
Likewise, it is today the second state with the best return on investment for taxpayers (Wallet Hub, 2020). This performance is measured in variables such as quality of the education system, public hospitals and infrastructure.
On the other hand, figures from the Miami-Dade Beacon Council (n.d.) show that the cost of living is competitive compared to other metropolitan areas in the United States. Information from recent years shows that its index is 114 compared to 123 in Chicago, 147 in Los Angeles or 242 in New York.
Added to this, Miami-Dade is the third healthiest county in the state taking into account aspects such as access to health care and obesity and smoking rates (Niche, 2020 b).
In addition, it ranks 16th (out of 67) in the ranking of Florida’s best counties for families. This, for aspects such as public schools, cost of living and services (Niche, 2020 a).
Miami Dade County Housing Landscape
Miami Dadede’s residential real estate market shines for its variety. Its communities offer different types of real estate: condominiums, single-family properties and luxury homes (Miami-Dade Beacon Council, n.d.).
This market is on the rise, which can be favorable in the future to invest. Miami Association of Realtors reports that residential sales in the county grew 21% between 2019 and 2020 (Cordle, 2020).
Specifically, Miami Dade County has experienced considerable increases in sales. It registers 28.1% in condominiums and townhouses , compared to 19.6% in Broward and 2.7% in Palm Beach, for example.
Likewise, its volume of sales dollars has grown 69.4% in condominiums and 86.4% in single-family homes. These figures stand out against those of Broward (19.6% and 46.9%) and those of Palm Beach (36.2% and 34.6%) (Miami Association of Realtors, 2021).
This trend is expected to continue. There is less than a 50% chance that sales prices will fall over the next year in areas such as Miami and Miami Beach. In fact, these sums increased 10% between January 2020 and January 2021 in the United States (CoreLogic, 2021).
The appeal of Miami Dade
In addition to the above, the county has numerous natural, cultural and entertainment attractions. When you have access to Miami-Dade, there is no need tolook for what to do in Fort Lauderdale or Deerfield Beach.
Museums of history, art and science
The local offer of museums caters to diverse interests. Highlights include Vizcaya Museum & Gardens, Pérez Art Museum Miami, History Miami and the Frost Museum.
Shopping
Miami’s Design District, for example, is populated with design, fashion, architecture and culinary experiences. The county is home to some of the best shopping in the region, including Bayside Marketplace and Brickell City Centre.
Open air
Miami Dade County has two national parks (Everglades and Biscayne). It also has urban natural areas such as Bayfront Park and Virginia Key.
Culture and entertainment
Miami Dade’s nightlife is legendary, with its many restaurants, bars, theaters, and nightclubs. It is also home to cultural events such as the Calle Ocho Festival, the Miami International Film Festival and Art Basel.
Miami Dade County is one of the most attractive areas of Florida. Its environment, living conditions and real estate market make it a promising destination for real estate investment.
References
Castrillo, K. (2018). How to Spend Two Weeks in Miami, FL. Retrieved from https://theculturetrip.com/north-america/usa/florida/articles/how-to-spend-two-weeks-in-miami-fl/
Castrillo, K. (2018). The Perfect Walking Guide to Miami, FL. Retrieved from https://theculturetrip.com/north-america/usa/florida/articles/the-perfect-walking-guide-to-miami-fl/
Cordle, I. (2020). South Florida home sales soar in November, led by luxury properties. The Real Deal. Retrieved from https://therealdeal.com/miami/2020/12/22/south-florida-home-sales-soar-in-november-led-by-luxury-properties/
CoreLogic. (2021). In High Gear: Annual US Home Price Appreciation Reaches Double Digits in January, CoreLogic Reports. BusinessWire. Retrieved from https://www.businesswire.com/news/home/20210302005309/en/In-High-Gear-Annual-US-Home-Price-Appreciation-Reaches-Double-Digits-in-January-CoreLogic-Reports
Discover Homes Miami. (n.d.). Top 12 Reasons People Are Moving To Miami. Retrieved from https://www.discoverhomesmiami.com/miami/top-12-reasons-people-moving-miami
Kallergis, K. (2019). It’s the SALT tax, stupid: Here’s why luxury home sales have surged. The Real Deal. Retrieved from https://therealdeal.com/miami/2019/05/02/its-the-salt-tax-stupid-heres-why-luxury-home-sales-have-surged/
Miami Association of Realtors. (2021). South Florida Market Stats. Retrieved from https://www.miamirealtors.com/news/south-florida-market-stats/january-2021/
Miami-Dade County. (n.d.). About Miami-Dade County. Retrieved from https://www.miamidade.gov/global/disclaimer/about-miami-dade-county.page
Miami-Dade Beacon Council. (n.d.). Cost of Living. Retrieved from https://www.beaconcouncil.com/why-miami-dade/lifestyle/cost-of
Niche. (2020, a). 2020 Best Counties for Families in Florida. Retrieved from https://www.niche.com/places-to-live/search/best-counties-for-families/s/florida/
Niche. (2020, b). 2020 Healthiest Counties in Florida. Retrieved from https://www.niche.com/places-to-live/search/healthiest-counties/s/florida/
United States Census Bureau. (2019). QuickFacts Miami-Dade County, Florida. Retrieved from https://www.census.gov/quickfacts/fact/table/miamidadecountyflorida/PST045219
Vincent, J. (2019). 20 Must-Visit Attractions in Miami. The Culture Trip. Retrieved from https://theculturetrip.com/north-america/usa/florida/articles/20-must-visit-miami-attractions/
Walczak, J., & Cammenga, J. (2020). 2021 State Business Tax Climate Index. Tax Foundation. Retrieved from https://taxfoundation.org/2021-state-business-tax-climate-index/
WalletHub. (2020). 2020’s States with the Best & Worst Taxpayer ROI. Retrieved from https://www.youtube.com/watch?v=TRd4fjGhdjY
Wood, J. M. (2019). 11 Best Museums in Miami. Condé Nast Traveler. Retrieved from https://www.cntraveler.com/gallery/best-museums-in-miami