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.