5. Miami
This tropical city is located at the southern tip of Florida. Miami combines the sunny weather and sandy toes of a beach retirement spot with the amenities only a large metro area can provide. Miami retirees have a variety of quality health care options, including the Cleveland Clinic Florida, and are eligible to ride the public transit system for free. Beachgoers can choose to see and be seen in flashy South Beach or find some peace at an undeveloped beach at Bill Baggs Cape Florida State Park on Key Biscayne. Monthly housing costs for those age 60 and older are $1,529 for homeowners with a mortgage, $589 for mortgage-free homeowners and $998 among renters. You can take a look at mortgage rates in Miami and choose between 30-year fixed mortgage rate, 15-year fixed mortgage rate, 5/1 ARM mortgage rate, and 30-year fixed refinance rate. Here is a list of 10 best Miami mortgage lenders of 2020.
Population: 4,86,388
Median House Value in Miami: $292,200
Median Monthly Rent in Miami: $1,529
Miami’s tremendous growth has been driven by internal migration from other areas in the country through the 1980s, along with immigration. Immigration to the city has slowed a great deal in the last decade, and now Miami’s growth is due to a fast urbanization rate and high-rise construction, which has increased its population densities in inner-city regions, most notably Downtown and Brickell. According to the most recent ACS, the racial composition of Miami was:
- White: 75.22%
- Black or African American: 17.67%
- Other race: 3.94%
- Two or more races: 1.80%
- Asian: 1.08%
- Native American: 0.25%
- Native Hawaiian or Pacific Islander: 0.04%