Why You Should Buy Real Estate in Miami
Francisco Zangerolame, Mike Wald and their Team of Real Estate professionals bring you Miami, a city with stunning beaches. It attracts many people, mostly tourists who want to spend their holidays enjoying the cool ocean breeze. It is attractive to tourists, but the weather is also good all year long, and most people would consider buying houses in Miami. There are many benefits of considering real estate in Miami, Florida. Here is why buying a home in Miami is the right investment choice.
Compared to other metropolitan cities, Miami has a moderate cost of living. You can enjoy amenities you had access to in other cities, just that the price of accessing these amenities is not as high as the other cities. The state of Florida does not have a state income tax. There is also homestead protection where residential homes are protected from creditors. Except for the money being obtained through criminal activities and other factors, a homeowner enjoys asset protection from creditors.
While looking for real estate, location is a critical factor that you cannot overlook. There are popular neighborhoods like West Little and East Little Havana, Coral Way, Upper East Side, Wynwood- Edgewater, and Northeast Coconut Grove in Miami.
An overview of Miami‘s real estate market in 2020 is as follows; the median house value stands at $365,676, and the one-year forecast is an additional 6.6%. The appreciation rate in a year would be 3.2%, with a median rent price of $2,450, an unemployment rate of 10.1%. The percentage of vacant homes is 18.12%, and the foreclosure rate is 1.9%. For the past half-year, there has been a balance between the supply and demand in the housing market. Buyers in Miami have managed to hold leverage in negotiations, and currently, they can buy houses for 96.95%. Miami is a city that attracts even the wealthy; good weather, no state tax, and homestead protection, to name a few. An investment in real estate is an opportunity that you would not want to miss.