Vacation Rentals in Miami: A Cost of Living Report

Hotel in Hyatt Vacation Clubs (13)
Hotel in Sheraton (560)



By Anna Woodward
February 20, 2012

Are you looking for vacation rentals in southern Florida? If so, consider Miami's cost of living

With the seventh largest population in the United States and the fourth richest city in the world, the prices of goods and services in Miami, Florida can be rather high, though the city falls just under the national average in terms of living costs. While the cost of living is lower than that of other cities such as New York City or Los Angeles, Miami contains some of the highest levels of capital in the country due to the city holding the largest concentration of international banks in the United States.

Nicknamed "The Magic City", Miami boasts over fifty skyscrapers, many of which are home to offices that belong to some of the world's largest fortune 500 companies. As a result, many vacation rentals are located throughout the city with vast ranges in price. Although property value has maintained a steady high—perhaps due to popularity among retirees wishing to spend their remaining days in a great climate—the city was voted the second-most miserable city in the United States due the housing market crash. Since the crash, the city holds the rank of eighth in the nation in home foreclosures.

Those seeking vacation rentals should know that Miami, Florida is the eighth most populous city in the United States and holds first place for the most inhabitants in a metropolitan area in the southeast United States. To mitigate Miami's population issue, the city has purchased an extensive public transportation system that includes a commuter rail called the Tri-Rail, a heavy-rail, rapid transit system dubbed the Metrorail, an elevated people mover called the Metromover, and a fleet of Metrobuses that carry users throughout the city streets. Nearly one-fifth of the population uses these systems each day.

According to some data, a salary of at least $50,000 per year is needed to maintain a lifestyle similar to average median income earners that live in Tucson, Arizona, Des Moines, Iowa, or Sacramento, California. Approximately 42% of the city's inhabitants are renters, a number consistent with the entire state.

Blue-collar jobs can be found on the outskirts of the city as Miami is home to large industrial centers for stone quarrying, warehousing and the seafood industry that resides along its lengthy coast. Another important industry is tourism, bringing in over 38 million people annually to visit Miami's many beaches, festivals, nightclubs and events. Students have 17 colleges and universities from which to choose as well as several professional training institutions that reside throughout the city.

All in all, Miami seems to be a great place for retirees or wealthy investors to move to as these types of salary earners have the savings or capital to easily make a life in The Gateway to the Americas. This is partly why the vacation rentals market has proven so successful in sunny Miami. While there is certainly something for everyone in this gorgeous city that was voted "America's Cleanest City in 2008, not everyone can afford prices that tend to be marked higher than the national average.



ABOUT THE AUTHOR

If not Miami, consider vacation rentals Gulf Shores AL for rest and relaxation. You find out more by visiting http://www.benderrealty.com/


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