Quick facts: South miami, FL

Quick Facts

107.5
Cost of Living
above US average
11,744
Population
29.97
Crime Rate per 1000
above US average
$78,830
Median Income
below US average
$1,650,000
Median House Price
above US average
$4369.47
Average Rent
above US average
11%
Poverty Rate
above US average
5.1%
Unemployment Rate
above 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 $78,830.

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Income Needed to Buy

βœ— Stretch
$518k/year
Based on $1,650,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $518k vs median $78,830
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Income Needed to Rent

⚠ Stretch
$187k/year
Based on $4369.47/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $187k vs median $78,830
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for South miami, FL

South Miami, located in Miami-Dade County, Florida, is a vibrant suburban city known for its lush landscaping and picturesque neighborhoods. With a population of over 12,000 residents, it spans approximately 2 square miles and boasts a unique blend of urban and suburban living. The city features a charming downtown area filled with shops, restaurants, and cafes, creating a walkable atmosphere for locals and visitors alike. South Miami is renowned for its strong community feel, with numerous parks and green spaces, including the popular Dante Fascell Park, which offers sports facilities and playgrounds. South Miami is also home to a diverse cultural scene, highlighted by art galleries and local events that foster community engagement. The city is conveniently located near major highways, giving residents easy access to the bustling city of Miami and its famous attractions, including beaches, nightlife, and entertainment options. Additionally, South Miami is known for its excellent schools and family-friendly environment, making it an attractive place for families and individuals seeking a blend of convenience and tranquility in the heart of South Florida.

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