When looking for a perfect new home, there are a lot of things to consider. If you’re looking for a large city with year-round warm temperatures, fabulous nightlife, diverse arts and culture offerings, great schools, and, most importantly, a fabulous market for buying, you don’t have to look any further than gorgeous Miami, Florida!
Personal finance site Wallet Hub recently did an in-depth study of places to buy a home. Surveying 135 large real estate markets across the United States, Miami ranked 58th as the best large city to settle in, and 2nd for the highest number of median days on the market. That can be a detriment for sellers, but for buyers, it means there are lots of untapped treasures to explore.
Wallet Hub used a variety of factors to determine their rankings, including the market of each location, the environment of different cities, affordability in various categories, the economic environment, and the city’s number of underwater mortgages.
58th might not sound like an amazing ranking, but when you consider that there are thousands of cities in the United States, it means Miami placed very near the top. Here are a few reasons why based on the Wallet Hub study and other sources:
- Quick recovery from COVID-19. An important factor in the Wallet Hub study was the speed and success at which different cities were recovering from the pandemic. Miami has shown an impressive comeback via safety measures, widespread testing, and ongoing information provided to citizens.
- A good job market. Miami has numerous opportunities in a variety of industries. The jobs range from entry-level positions to skilled laborers to white-collar and educational positions.
- Historically low-interest rates: With mortgage interest rates as low as 1%, buyers in Miami can get a terrific home without having to worry about their bills piling up.
- Market consistency: Over the past ten years, the Miami real estate market has remained consistent. This is an impressive achievement, particularly given the challenges of recent years.
- Nightlife and activities: Nobody wants to move somewhere where there’s nothing to do! Miami’s white sandy beaches make for a beautiful walk, or if you’re looking to head out and party, the nightclubs can’t be beaten.
- Affordability: Miami’s low-interest rates top off its extreme affordability. Over 70% of the city rents, which means many beautiful gems are currently being sold by motivated sellers, so asking prices are shockingly reasonable.
- A variety of options: Miami’s neighborhoods are as diverse as its people. If you’re looking to immerse yourself in culture, you can find a home in Little Haiti or East Little Havana. Entire districts like Wynwood and the Miami Design District are dedicated to art and creativity. For a kid-friendly environment, Coconut Grove and Weston are great places to raise a family. There’s something for everyone in the Magic City.
