Florida is one of the best places to retire in. In fact, if you want to experience big city life, investing in Miami real estate when approaching the retirement age is the best thing you can ever do for yourself. Furthermore, there’s enough statistics to back you up when wondering whether or not to chose Miami as your ideal retirement destination.
In the year 2014, a personal finance website known as WalletHub ranked Miami as the 46th best city to retire in out of 150 U.S cities. This figure was arrived at after they analyzed activities, healthcare and affordability. Quality of life and availability of jobs was slightly above average though.
The same year, another website called NerdWallet ranked Miami number one best US city to retire in, thanks to the fact that the city had a huge number of retirees, plus the cost of living, that of seeing a doctor or paying for a home in-care was reasonable.
Therefore, this leaves us with one question: should Miami be a contender in your list of top US cities to retire in? Certainly there are many reasons why you should consider investing in real estate here.
Miami real estate: Reasons why many retirees are now finding this city a top destination for retirement!
Value of property, taxes and cost of living
In the 1st quarter of 2014, the median price of a two-bedroom property was estimated at $155,550, while that of a 3 and 4 bedroom was estimated at $230,000 and $307,000 respectively (according to Trulia.com). However, the site also reports that price of homes have increased by 33.3% in the last 3-4 years. Even with recovery of prices in the property industry, Miami’s home prices seem to remain at reasonable rates.
What’s more, Florida doesn’t have income state tax. What this means is that if a large chunk of your retirement funds come from tax-deferred retirement savings like 401(k), you could end up saving a lot more in taxes when you choose Miami.
The District of Columbia, plus other 21 states have what we call estate/inheritance taxes. And in some cases, these taxes have a lower exception than the federal $5 million. If you can learn ways to further minimize your estate taxes in Miami, you could save a great deal of money.
However, it should be noted that the cost of living is relative to where an individual lives. If you’re moving from Manhattan to Miami for instance, you will definitely find the cost of living to be cheaper in Miami. Ideally, it stands at 53% lower than what Manhattan residents pay. But on the other hand, if you come from a cheaper area like St. Louis, you might find the cost of living to be a little bit higher. Therefore, we cannot make a blanket judgement that sits well with all people when it comes to the cost of living in Miami.
How about healthcare?
There are a number of medical facilities equipped with healthcare professionals looking after the greater Miami population. One of the most notable healthcare facility is the Miami Jackson Memorial, a hospital that was recently ranked by U.S News & World Report as the finest in the nation.Other significant healthcare facilities worth recognizing include Mount Sinai Medical Center, Cleveland Clinic and Baptist Hospital. With such a variety, you’re likely to find what you need, whether you’re looking for general healthcare or specialized treatment. And the best thing is that the cost of healthcare in Miami is lower than what you find in most cities across the U.S.
Property Prices are negotiable
Getting a Miami condo was a fixed-price affair some years ago. However, the buyer market has undergone remarkable changes over the last few years. Name what you can afford and you might be surprised to hear a Yes.
Mortgage rates tend to be favorable
Financing is quite affordable in Miami, plus property rates are kept within a reasonable limit to ensure that all would-be homeowners can afford what the market is offering. What this means is that you can now acquire your dream property effortlessly, whether than means getting a high-end condo facing the ocean or just a standard crib to call home when you retire.
Lastly, downtown Miami is the heart of all lifestyle. It accommodates myriads of businesses, entertainment joints, cultural venues among others. Such amenities increase the value of Miami real estate properties. In fact, if you end up selecting the right property situated in the right spot, you will appreciate your property for years to come.