4 reasons why New Yorkers are investing in Florida rental properties
Are you wondering why are New Yorkers are investing in Florida rental properties? Before we start talking about it, we have to understand a few things about moving itself. You probably know that it’s one of the most complex and stressful things in the world for an individual. There are certain steps you have to follow in order to have a successful, enjoyable, and memorable relocation. Unless you do so, it’s highly likely to turn out to be hectic, exhausting, and time-consuming. Trust us, that is the last thing you want to experience. One of the most important parts of this entire process is that you have to choose the right housing option. Furthermore, you should also think about the future and the price of the house you own. Here, we are going to talk about why are more and more people, especially New Yorkers, are choosing Miami rental properties.
A few things about Florida
Before we even start talking about investing in rental properties here, we have to say a few words about this state itself. Florida is the southeasternmost U.S. state and it has the Atlantic on its side and the Gulf of Mexico on the other one. Also, another important about this place is that it has hundreds of beautiful beaches. It’s one of the main attractions besides big cities that is so appealing to tourists. Also, once you move here, the very first thing you are going to notice is the diversity. Not only that this applies to different people but their cultures, lifestyles, and everything that comes with it. Besides these facts, it’s worth mentioning that the average household income is somewhere around $55,000 and the median home value is $348,000. Once you decide to move here, make sure to hire movers Miami to help you with relocation.
Quality and prices of real estate properties
The very first thing that we’re going to talk about is the quality and prices of Miami real estate properties. There has been an arrival of many international buyers and Miami decided to step up that game. Miami is now home to many ultra-luxurious houses and mansions which is a very appealing thing to people especially because of its location and lifestyle. This is one of the main reasons why are New Yorkers are investing in Florida rental properties. Also, costs of living are much lower than in New York by around 10-40% which is a significant amount. Not to mention the abnormally high prices of real estate properties in New York. Miami’s price of square feet is $2,000 – $3,000, it’s still nothing compared to New York ones. We can’t forget to say nowadays when sales offices are opened, they are being sold within minutes. This is something that even movers Hibiscus Island have confirmed.
New Yorkers are investing in Florida rental properties because of the lower taxes
The second crucial reason why are people choosing Florida is the fact that the taxes are much lower. Florida is a state that is amongst the top 10 best business climates as far as taxes are concerned. If you live in Florida, you don’t have to pay state income, capital gain taxes, or estate taxes. On the other hand, if you think about it, if you have $1 million in income, you are obligated to pay only the federal government whereas, in New York, you have to something extra. It’s good to talk to professional movers that you choose like white glove movers since they can share some useful information regarding the taxes within a certain state. Additionally, it’s worth mentioning that Florida is the second Financial Hub in the entire U.S just after New York. Many international banks have established their headquarters in Brickell, which is a main financial district.
Increasing culture and arts scene is an important factor
The very next thing that we’re going to talk about is the cultural scene. In the course of 2 years, Miami has created a name for itself and it’s become one of the most appealing places for art. You may find numerous artists and musicians who chose Miami as their new home. That is because it’s so diverse that you can’t even imagine. Also, another important thing for them is the fact that they can search for inspiration within the city itself. Miami has opened numerous museums such as the Perez Art Museum and The Miami Museum of Science, and by doing so, Miami has put its name on the map. Besides these facts, there are also plenty of activities all around the city. Some of the most memorable ones are Art Miami and Art Basel. They are becoming bigger and bigger each year.
Lastly, we have to mention the growing Wynwood Area which is known for its relaxed, laid-back, and artsy scene. If this sounds great and appealing to you waste no time and make sure to hire interstate moving companies Miami and let them help you with a relocation!
Fashion scene and entertainment industry
Have you ever wondered where do all fancy condo owners shop? Well, at this point, the answer is pretty obvious – with Miami’s growth over the past few years, owners of all the luxurious brands simply couldn’t hold back and ignore that fact. There are many stores such as Louis Vuitton, Prada, Cartier, Hermes, and Gucci. If you are wondering where you might find these, the location is Design District in Miami. Make sure to pay a visit if you are into designer clothes and high fashion.
Since we were talking about New Yorkers are investing in Florida rental properties, we hope that you’ve got a bit clearer picture of why it’s become so popular. Keep in mind that this state is exponentially growing on the yearly level and there are no signs that it’s going to go down anytime soon.