Everything You Need to Know About Living in Miami
We found out everything you wanted to know about the makes the Magic City so great to live in from the people that call it home. Download our Miami, Fl Research Report to review all of the details.
Miami, Florida: Fast Facts
Miami is located to the east of Miami International Airport, on the coast of Biscayne Bay. It’s the 42nd largest city in the United States. Miami is number 4 for large cities with the highest growth. It is also the second most visited state in the US.
Miami is currently growing at a rate of 1.09% annually. The current metro area population of Miami in 2021 is 6,211,790.
More fast facts:
- The median age for those who live in Miami is around 40.7.
- 30% of Miami residents have at least a Bachelor’s degree.
- A variety of industries thrive in the Miami area. The first being Leisure and hospitality, followed by professional and business services.
- The tourism industry contributes to the culture of the booming hospitality industry, as Miami outperforms hotels across the country with high occupancy rates.
- Residents are known as Miamians and the city is also known as The Magic City.
- Miami is racially diverse. 73% is Hispanic, 13% is Black, and 13% is White.
I have grown up in Miami and living here has given me an exceptional educational and professional experience while also providing me with the opportunities for an engaging social life.Current Resident
Wynwood – This area used to be a working class residential neighborhood that was connected to the garment districts, with warehouses everywhere. A slow transformation began that brought Wynwood to an area filled with eclectic restaurants, bars, and shops after the first commercial gallery, Dorsch Gallery, opened in 2000. Visitors can walk the streets and see art at every corner, as a part of the Wynwood Walls. In addition to street art, there are more than 70 galleries where you can purchase contemporary art or simply browse.
Brickell – Home of the DuPont Building (Miami’s only Art Deco skyscraper) and The Freedom Tower (where Cuban refugees were processed for U.S. entry), this area is a hub for living, dining, the arts, and entertainment. Brickell is along the Miami River. Brickell City Centre provides the shopping for this area with its ultra contemporary look and luxury stores. Dubbed one of the fastest growing destinations in the United States by AMG International Realty, job opportunities here include finance, insurance, and real estate.
Coral Gables – This is where you go if you want more Spanish inspired architecture. There are a variety of hot spots to go to when there is down time. Visit the historic Biltmore Hotel, go to the shops on Miracle Mile, or watch a local production at the Actors’ Playhouse at Miracle Theatre. In addition, one can spend time outdoors by going to the Venetian Pool or Fairchild Tropical Botanical Garden. “The City Beautiful” is an international city as it is a hub for more than 20 consulates and more than 140 multinational corporations.
Little Havana: This neighborhood is centered around Calle Ocho, a long street where you can find Latin restaurants, bakeries, fruit stands, cigar shops, art allergies and more. The tight knit community boasts their portraits of Cuban legends along its walls. Domino Park is a highlight where one can play dominoes and connect with neighbors. The entertainment scene here includes their Calle Ocho Music Festival and their own live music venue CubaOcho Museum & Performing Arts Center.
Design District: Home to shopping and arts, this 18 block area in Miami draws people in with the variety of things it has to offer. Luxury window shopping is a favorite pastime here as you walk past the long standing sculptures. The Institute of Contemporary Art, Miami is a hot stop for both tourists and locals to visit.
Coconut Grove: Coconut Grove is seen as Miami’s most historic neighborhood. It is a bayside neighborhood with tropical trees and plants at every corner. It’s roots date back to the 1870s. Activities include sailing, going to beautiful restaurants and visiting historical sites. Vizcaya Museum and Gardens provides the best photo opportunities and draws tourists in. Farmer’s markets and arts festivals are hosted regularly.
I lived in Miami for seven consecutive years and in my opinion, it’s a place where you can have peace, enjoy shopping, go out with friends and family, enjoy a variety of restaurants and places to visit, and participate in any of the community events.Current Resident
Doing Business in Miami
Miami, Florida was named 56th on Forbes’ list of “Best Places for Business and Careers” for Job Growth. Financial services and tourism flourish here. Miami was also named Top City for Small Business growth by Forbes.
Key Industries: Financial services, tourism, media, agriculture, international trade, aerospace and aviation, and life sciences.
Major Employers: Miami-Dade County Public Schools, University of Miami, Baptist Health, American Airlines, Jackson Health System, Florida International University, Carnival Cruiselines.
Cost of Living in Miami
Cost of living in Miami is 14% higher than the national average. While healthcare and utilities in Miami is lower than the national average, transportation and grocery prices are 12% and 5% higher respectively.
Median Household Income of $53,045
Miami Apartment Living
Average rent in Miami is $1,915 with an average apartment size of 887 square feet. The neighborhoods that are the most expensive are Miami Design District ($2,321) and Brickell ($2,393).
The average rent for a 1-bedroom apartment decreased by -2% to $1,390 and for a 2-bedroom apartment decreased by -3% to $1,940.
What Miami Renters Want
Here are the top things tenants report looking for in a property.
- Work from home spaces
- High-speed internet
- Walk-in closet
- Private parking
- Fitness Center
Miami is a warm big city with a lot of great fun outdoor activities, you can always stay active and eat delicious food everywhere you go. The weather is to die for! The beaches are beautiful, the people are great! You could never find yourself bored in this city.Current Resident
Arts, Recreation, and Entertainment in Miami
Miami is seen as a South Florida hub of arts and culture.
Every year in December, Art Basel Miami Beach occurs which brings thousands of artists and tourists to the area. Galleries can be found all throughout the Design District leading up to the event almost always held at the Miami Convention Center. Year-round, tourists and locals can visit the Pérez Art Museum Miami to get their fix of the arts.
Downtown Miami hosts performing arts events as well. The Adrienne Arsht Center hosts tours and their own resident companies which include the Miami City Ballet, Florida Grand Opera, and the New World Symphony.
Greater Miami also has science and history museums that appeal to adults and also kids. The Phillip and Patricia Frost Museum of Science in Downtown Miami has a large planetarium and a 500,000 gallon aquarium.
The Freedom Tower serves as a reminder of Miami’s Cuban diaspora which is also home to the Museum of Art and Design for Miami Dade College.
Miami is home to eight professional sports teams.
- Miami Heat (basketball)
- Miami Dolphins (Football)
- Miami Marlins (Baseball)
- Miami F.C. (Soccer)
- Miami United F.C. (Soccer)
- Inter Miami C.F. (Soccer)
- Miami Hurricanes (College Football)
- Florida Panthers (Hockey)
Miami is also the hub for architectural gems like the Ancient Spanish Monastery. The monastery was originally built in Spain before being dismantled and shipped to be rebuilt in Miami.
Vizcaya Museum and Gardens is also another historical gem found in Miami. It is named after a shoreline found on the Spanish coast. It is now a place where one can visit and take pictures either in the home or of its beautiful gardens.
Read the full research report: Miami, Fl. We interviewed the people that live there to find out what makes their city special. Stay tuned for more city research.