Miami Top U.S. City For Growth From International Immigration (Cuban, hot)

[WisdomJ]

Originally Posted by MajesticPalm

Here is a list of the rental market in the USA (https://www.apartmentlist.com/renton...nal-rent-data/).

This is the Median 1 bedroom price.

Washington DC - $2,180
Los Angeles, CA - $1,950
Miami, FL - $1,890

So I would say Miami is comparable to LA and significantly more expensive than San Diego, CA ($1550).

For that one category, sure .

[Bobdreamz]

Greater Miami’s high-skilled workforce is fueled largely by immigrant talent too

While immigrant labor most certainly powers the service economy in big numbers, the foreign-born comprise nearly four out of 10 of the professional workers in business, the sciences, tech, education, healthcare, media and the arts in the metropolitan area that spans Miami-Dade, Broward and Palm Beach counties.
This 38.9 percent share swamps Los Angeles (31.6 percent), San Francisco (29.8 percent) and New York (28.1 percent) and is second only to San Jose, Calif., at 47 percent. And if one just looked at Miami-Dade, the professionals — the region’s “Creative Class” — would be 51 percent foreign-born.

“Miami is entirely dependent on foreign-born talent for this economy to run,” said urban affairs expert Richard Florida, founder of the Creative Class Group and a part-time resident of South Florida. “Even for those of us who know Miami as an immigrant destination, it is still kind of amazing.”

Read more here: Greater Miami

[the topper]

Watch out! San jose is gaining on you, miami!

[silverkris]

Originally Posted by WisdomJ

Yes, Hawaii is an island which does raise the prices. SOCAL and DC are still way higher than Miami. You can't really compare it to most other cities though because Miami is a very desirable place to live. Here we call it a sun tax .

Well SoCal and DC have higher wages than Miami, so the affordability (or lack thereof) index is also still problematic. I totally agree with you about the sun tax - it's also called the sunshine discount if you look it at from an income standpoint.

[WisdomJ]

Originally Posted by silverkris

Well SoCal and DC have higher wages than Miami, so the affordability (or lack thereof) index is also still problematic. I totally agree with you about the sun tax - it's also called the sunshine discount if you look it at from an income standpoint.

Possibly. Wages here in Hawaii are also extremely low compared to COL. Just trying to say that Miami is far from the worst.

[MajesticPalm]

Originally Posted by WisdomJ

Possibly. Wages here in Hawaii are also extremely low compared to COL. Just trying to say that Miami is far from the worst.

Miami's wages are abysmally low.

https://en.wikipedia.org/wiki/List_o..._United_States

1)San Francisco-Oakland-San Jose (63,000)
..
3)Washington DC (57,000)
..
9)Honolulu, HI (52,000)
..
27)San Diego, CA (47,000)
..
43)Los Angeles, CA (46,000)
..
132)Miami, FL (39,000)

The property values in Miami are not inline with the local economy. I read somewhere that Miami is the worst major city in the USA for affordable real-estate when you factor into local incomes.

Cities like San Francisco, NYC, and Boston may have more expensive real-estate, but more of their residents can afford to become property owners than the residents of Miami. Miami has the highest percentage of renters in the USA when compared to any major city in the USA.

Miami's real-estate economy is almost completely supported by retirees and foreign investors which is why properties take a while to sell here (retirees and foreign investors have all the time in the world to make a decision whereas a young, local family may just want to move into the first good fit they find).

[WisdomJ]

Originally Posted by MajesticPalm

Miami's wages are abysmally low.

https://en.wikipedia.org/wiki/List_o..._United_States

1)San Francisco-Oakland-San Jose (63,000)
..
3)Washington DC (57,000)
..
9)Honolulu, HI (52,000)
..
27)San Diego, CA (47,000)
..
43)Los Angeles, CA (46,000)
..
132)Miami, FL (39,000)

The property values in Miami are not inline with the local economy. I read somewhere that Miami is the worst major city in the USA for affordable real-estate when you factor into local incomes.

Cities like San Francisco, NYC, and Boston may have more expensive real-estate, but more of their residents can afford to become property owners than the residents of Miami. Miami has the highest percentage of renters in the USA when compared to any major city in the USA.

Miami's real-estate economy is almost completely supported by retirees and foreign investors which is why properties take a while to sell here (retirees and foreign investors have all the time in the world to make a decision whereas a young, local family may just want to move into the first good fit they find).

From Hawaii News site:

The state’s average listing price for a four-bedroom, two-bath home was $654,648, the report said.

Miami is what, about $289,000? Still pretty high, but compare that to your median salary charts.

[MajesticPalm]

Originally Posted by WisdomJ

From Hawaii News site:

The state’s average listing price for a four-bedroom, two-bath home was $654,648, the report said.

Miami is what, about $289,000? Still pretty high, but compare that to your median salary charts.

I don't know, Zillow lists the median home price in Miami at 445k. That doesn't specify if this median is for 4-bedrooms.

My own personal experience with Miami real-estate will say that other than poor areas, you won't find a 4-bedroom home for less than 400,000.

[MajesticPalm]

This was one of the articles I was thinking about:

Turns out Miami is the worst city in the entire United States for millennials to rent. [...] Turns out the average millennial is priced out of 92 percent of the rental properties on the Miami market, meaning they're scrambling for a scant 8 percent of available units. [...] The rest of the top four is rounded out by Los Angeles, San Francisco, and New York.

Miami Is the Most Expensive City in America for Millennials to Rent | Miami New Times

No mention of Honolulu.

That's for renters, this for purchasing your home.

A study released yesterday by real-estate website WalletHub named Miami and Miami Beach among the ten worst cities in America to buy your first home. Of the 300 cities surveyed, Miami landed at number 294, and Miami Beach sank like a stone to number 299, besting only Newark, New Jersey.

The reason: WalletHub found that both cities are the most expensive markets in America for first-time home-buyers. Miami Beach was named the single most expensive market, followed by the city of Miami one slot behind. (The study also said Miami Beach had the highest property-crime rate of the cities surveyed.)

[...]
o calculate "affordability," the site also studied the average cost of homeowners' insurance in each city. This undoubtedly hurt Miami, given its propensity for flooding, and is certainly a bad sign for the future, since sea-level rise threatens to swallow most of the county within the next hundred years or so.

Miami and Miami Beach Most Expensive Cities in America to Buy Your First House, Study Says | Miami New Times

Insurances are some of the highest here in the nation. And for people trying to obtain mortgages, banks apply strict formulas and hence insurance can price a lot of people out of the market.

[bg7]

Miami is the top us city for highest number of hot Cuban chicks, for sure.