Quick facts: Miami, FL

Quick Facts

130.2
Cost of Living
above US average
449,514
Population
35.01
Crime Rate per 1000
above US average
$54,858
Median Income
below US average
$277,500
Median House Price
above US average
$2650
Average Rent
above US average
18%
Poverty Rate
above US average
2.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $54,858.

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Income Needed to Buy

βœ— Stretch
$87k/year
Based on $277,500 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $87k vs median $54,858
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Income Needed to Rent

⚠ Stretch
$114k/year
Based on $2650/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $114k vs median $54,858
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Miami, FL

Miami, Florida, is a vibrant coastal city renowned for its stunning beaches, diverse culture, and lively nightlife. Located in the southeastern part of the state, Miami is known for its warm climate, making it a popular destination year-round. The city boasts a rich blend of influences, particularly from Latin America and the Caribbean, evident in its art, music, and culinary scenes. Miami's iconic neighborhoods include South Beach, famous for its art deco architecture and bustling nightlife, and Little Havana, which celebrates Cuban culture through colorful murals, music, and food. The city's proximity to the Everglades offers unique outdoor adventures, including airboat tours and wildlife viewing. Culturally, Miami is home to several world-class museums, such as the PΓ©rez Art Museum and the Frost Science Museum. The annual Art Basel event attracts artists and enthusiasts from around the globe, highlighting the city's role as a significant cultural hub. Additionally, Miami serves as a major center for finance, commerce, and international trade, further enhancing its dynamic atmosphere. Whether you're looking to relax on the beach, explore vibrant neighborhoods, or enjoy a thriving arts scene, Miami offers something for everyone.

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