Most know Miami as a paradise of sun, beaches, and a long history of Spanish influence. Few realize the name has no relation to Spanish, though. It originates from the Mayaimi tribe that once inhabited the area.
Living in Miami is the ideal choice for those who want endless parties and relaxation. Many are moving to Miami with the express purpose of retiring in a beach chair. But hold your horses, as there are a few caveats to this seeming oceanside heaven.
What are the pros and cons of investing in real estate in Miami? Let’s investigate some key factors before you buy up real estate investments here.
Pro: Miami Real Estate Is in High Demand
There are more luxury properties here than in many other beachside communities. Why? Because this is one of the US’ hottest international tourist destinations.
Millions upon millions flock to Miami year-round. They pump money into hotels, restaurants, and entertainment. All types of real estate flourish here to keep up with the demand.
In other words, Miami real estate is guaranteed to appreciate nonstop in value.
Con: Climate Change
Unfortunately, climate change strongly affects places near the ocean with tropical climates. Florida is no exception. The sea level is rising, pushing back seaside properties every year.
Further, storms are more intense and frequent. Property damage and regular vacancies may occur.
Pro: It’s a Multi-Cultural City
One great benefit of Miami is that it’s a melting pot. The huge influx of Cuban refugees over the years has altered local culture. There is a healthy mix of Latin, imperial Spanish, and American elements.
If you are purchasing rentals, that means you have a diverse clientele.
Con: Unstable Government
Florida’s political climate has been in turmoil for some time. Governor Ron DeSantis always seems to be in the national news–and never for good reasons. He’s a polarizing figure who has enacted a huge body of controversial legislation.
Many immigrants have fled the state. Civil rights organizations caution people not to move there. Unless DeSantis runs for president, it’s likely the instability will remain for some time.
Pro: It’s the Gateway to the Caribbean
Many who live in Florida benefit from one thing in particular: close access to Caribbean islands. Want to go to Bermuda, the Bahamas, or Trinidad? You are only a short flight away when living in Miami.
This makes Florida–and Miami, specifically–the central hub for Caribbean cruises and tourism. Living here, vacations across the Caribbean are more accessible and affordable.
All the Pros and Cons of Investing in Real Estate in Miami
So, that settles it. These are the main pros and cons of investing in real estate in Miami.
It’s a wonderful Atlantic paradise that never gets chilly. Keep in mind, though, that every rose has its thorns. There are a number of disadvantages that would-be emigrants should know about.
Follow our blog for more great articles.