Culture, History, and Business
Incorporated as a city way back in 1896 after a woman by the name of Julia Tuttle convinced Henry Flagler to continue his railroad down the coast of Florida, today Miami is one of the USA’s largest and most culturally diverse cities. People from all over the globe have migrated here chasing their American dream and created a multicultural city that boasts the best of every culture.
The breathtaking beaches, natural spots, nightlife and entertainment facilities, Miami is one of the top choices of a place to live in the US for Millenials. Tourism is also flourishing here and contributes about $18 billion to the US economy yearly just by tourism and the other half of its economy is generated by real estate investments.
Many people visiting Miami end up buying property as they want to come back and vacation in their own space or invest in real estate which is a profitable market.
What sparks great interest for investors in Miami’s real estate market is mainly the affordable prices compared to the high demand and ROI rates. Although Miami is “the richest ZIP code in the US”, property prices are still in the $300,000 to $400,000 range, quite affordable seeing prices in other cities.
The price of properties has been steadily growing from 2011 when they reached their lowest point of $199,000 median price and is expected to grow by 3% in the next year.
Recent tax law changes in Miami additionally brought a massive number of investors looking to take advantage of the lowered rates and tax deductions, so we are seeing an increasing number of businesses opening in the city. Because of these incentives, the supply of properties has increased at almost the same rate as the demand, so Miami’s real estate market is fairly balanced at the moment.
If you’re interested in more details about Miami’s real estate and want to find out which neighborhoods hold the best investment potential, stick with us because we will discuss these aspects in detail in our next articles.