There was a time when America was New York. Then came the turn of Los Angeles, followed by Las Vegas. Today, according to many Americans and other people worldwide, the most important city in the United States is Miami. Here’s why.
Why so many people are relocating to Miami
There is one statistic that says it all. From July 1, 2020 to the same day in the following year, nearly 221,000 Americans moved to Florida, many more than to any other state. Surely, most of them chose Miami. What is new, if anything, is that the people who choose to relocate there were no longer a motley collection of unemployed, divorced, hardened crooks and ex-convicts, like 30 years ago, but rather people looking for career opportunities and profitable investments, including a large cohort of millionaires and investors, entrepreneurs who struck it rich and start-up founders who are just beginning to make their fortunes.
From Silicon Valley to Silicon Beach
From Silicon Valley to Silicon Beach. The advantages of relocating to Miami are first and foremost tax-related. The state income tax in Florida is much lower than in California and many other states (find out more). And that is not all. Here you can enjoy the ambiance of novelty, excitement, and potentially endless opportunities that Silicon Valley appears to have lost.
Miami has long established itself as the Crypto Capital of the United States, so much so that Mayor Francis Suarez currently receives part of his compensation in Bitcoin and has launched MiamiCoin, a specific cryptocurrency for the city.
Miami's a party city
Miami attracts so many people because it is a party city, but also and especially because it is not just that. It is a melting pot of cultures and traditions that formed in the city over the past few decades, a unique blend that has given rise to new experimentation and new ideas that are expressed by Miami’s extremely varied restaurant offerings, sparkling cultural life, and ability to anticipate and set trends in many fields, foremost in fashion.
The variety of venues in the city is remarkable. Each of Miami’s neighborhoods, from the world-famous South Beach to residential areas such as Coconut, has its own uniqueness and charm all to be discovered.
Miami’s climate and climate change countermeasures
Miami means sun, beaches, and sea, but in less than 50 years it may no longer be so. Miami was the first city in the world to appoint a Chief Heat Officer (in the person of Jane Gilbert) against climate change, which is likely to have even more ominous consequences here, now that experts – and no longer just Mayan prophecies – predict that Miami Beach will be underwater by 2100 unless the trend is turned around. A few months later, other major cities around the world, such as Athens and Los Angeles, have appointed a similar function, following in the steps of Miami.
In recent years, the people of Miami have been worried by the so-called “rain bombs” or heavy rains that are suddenly unleashed with increasing frequency, but this is more of a problem with Miami’s weather, something that has always been an attracting factor for people to relocate to Florida. However, hurricanes are the most concerning. Until a few years ago, isolated summertime events classifiable as tropical storms are now occurring more and more often and taking on a devastating force, as the recent experiences of Hurricane Elsa (2021), Hurricane Irma (2017), and Hurricane Katrina (2005) can attest. But Miami’s residents – and residences – have learned to withstand even Florida’s worst weather.
The booming real estate market in Miami
Speaking of residences in Florida, the exponential growth in demand and in the buying power of people interested in relocating to the Sunshine State has caused an unparalleled growth in the real estate market in Miami, Orlando, and other Florida cities over recent years (discover Florida’s best cities to live in).
The Florida real estate investment, driven by tax advantages, literally soared during the 2020 pandemic-related lockdown, when thousands of housebound Americans were dreaming of the sunny beaches of Miami. South Florida counties, in particular, such as Palm Beach and Miami-Dade where Miami is located, are among the most popular for buying Florida luxury homes, luxury residences, and villas with swimming pools, and buyers are also increasingly coming from countries outside the United States. Canadians, Brazilians, Venezuelans, and Europeans have been relocating to Miami in recent years.
The second half of 2021 also saw the launch of NEO – New Estate Only, a platform destined to revolutionize the U.S. real estate market, offering real estate agents, developers and home builders worldwide the largest database of pre- and under- construction projects in Florida, constantly updated and multilingual. With NEO, agents can promote pre- and under-construction projects in Miami and the whole Florida to both national and international buyers in just a few clicks.
The American dream has never been more tangible than it is in Florida today.