Miami, officially the City of Miami, is a coastal metropolis located in Miami-Dade County in southeastern Florida, United States. With a population of 442,241 as of the 2020 census, it is the 44th-largest city in the United States and the core of the nation's eighth-largest metropolitan area. The city has the third-largest skyline in the U.S. with over 300 high-rises, 58 of which exceed 491 ft (150 m).
Miami is a major center and leader in finance, commerce, culture, arts, and international trade. The metro area is by far the largest urban economy in Florida and the 12th largest in the United States, with a GDP of $344.9 billion as of 2017. In 2020, Miami was classified as a Beta + level global city by the GaWC. In 2019, Miami ranked seventh in the United States and 31st among global cities in business activity, human capital, information exchange, cultural experience, and political engagement.
According to a 2018 UBS study of 77 world cities, the city was ranked as the third-richest in the world and the second-richest in the United States in purchasing power. Miami is nicknamed the "Capital of Latin America" and is one of the largest majority-minority cities in the United States with over 72.7% of the population being of Hispanic and Latino descent.
It is part of Miami Dade County. Miami-Dade County is a county located in the southeastern part of the U.S. state of Florida. According to a 2019 census report, the county had a population of 2,716,940, making it the most populous county in Florida and the seventh-most populous county in the United States. It is also Florida's third largest county in terms of land area, with 1,946 square miles (5,040 km2). The county seat is Miami, the principal city in South Florida.
Miami-Dade County is one of the three counties in South Florida that make up the Miami-Ft. Lauderdale-West Palm Beach metropolitan area, which was home to an estimated 6,198,782 people in 2018. Miami-Dade also is heavily Hispanic, and was the most populous majority-Hispanic county in the entire country in 2020.
The county is home to 34 incorporated cities and many unincorporated areas. The northern, central and eastern portions of the county are heavily urbanized with many high-rise buildings along the coastline, including South Florida's central business district, Downtown Miami.
Hispanic or Latino of any race: 65.0%
White (non-Hispanic): 15.4%
Black (non-Hispanic): 17.1%
Cubans made up the largest population of immigrants (with more than half of the population) with Colombians coming in second, Haitians in third, followed by Nicaraguans in fourth place, then Dominicans, Venezuelans, Peruvians, Jamaicans, Mexicans, and Argentinians among the highest group of immigrants.
Miami-Dade has small communities of Brazilians, Portuguese, Spaniards, Ukrainians and Poles along with Canadians(including Francophone from the province of Quebec), French, Germans, other Europeans, British expatriates and Israelis
There are 867,352 households, out of which 30.6% had children under the age of 18 living with them, 43.8% are married couples living together, 18.8% have a female householder with no husband present, and 30.5% are non-families. The average household size is 2.83 and the average family size is 3.33.
The age distribution is 21.9% under the age of 18, 9.9% from 18 to 24, 28.6% from 25 to 44, 25.6% from 45 to 64, and 14.1% who were 65 years of age or older. The median age was 38.2 years. For every 100 females, there were 93.8 males. For every 100 females age 18 and over, there were 91.0 males.
HOUSING UNITS: 1,040,666
OWNER-OCCUPIED HOUSING UNIT RATE: 51.2%
MEDIAN VALUE OF HOUSING UNIT: $398,100
MEDIAN GROSS RENT: $1,328
Miami-Dade County has seen the job market increase by 0.8% over the last year. Future job growth over the next ten years is predicted to be 38.0%, which is higher than the US average of 33.5%.
Tax Rates for Miami-Dade County
The Sales Tax Rate for Miami Dade County is 7.0%. The US average is 7.3%
The Income Tax Rate for Miami Dade County is 0.0%. The US average is 4.6%.
Tax Rates can have big impact when Comparing Cost of Living.
Income and Salaries for Miami-Dade County
The average income of a Miami-Dade County resident is $23,433 a year. The US average is $28,555 a year.
The Median household income of a Miami-Dade County resident is $43,099 a year. The US average is $53,482 a year.
Miami is a major center of commerce and finance and boasts a strong international business community. According to the 2020 ranking of world cities undertaken by the Globalization and World Cities Research Network (GaWC) based on the level of presence of global corporate service organizations, Miami is considered a Beta + level world city, along with Atlanta, Dallas, and Houston, however according to the US census between the years 2015–2019, Miami lacks in terms of owner-occupied housing, computer and internet usage, education regarding bachelor's degree or higher, median household income, per capita income, while achieving higher percentage of persons in poverty. Miami has a Gross Metropolitan Product of $257 billion, ranking 11th in the United States and 20th worldwide in GMP.
Several large companies are headquartered in Miami, including but not limited to Akerman LLP, Alienware, Arquitectonica, Brightstar Corporation, Celebrity Cruises, Carnival Corporation, Duany Plater-Zyberk, Greenberg Traurig, Inktel Direct, Lennar Corporation, Norwegian Cruise Line, Oceania Cruises, OPKO Health, Parkjockey, RCTV International, Royal Caribbean International, Sitel, Southern Wine & Spirits, Telemundo, Vector Group, Watsco and World Fuel Services. Over 1,400 multinational firms are located in Miami, with many major global organisations headquartering their Latin American operations (or regional offices) in the city including Walmart. Additionally, companies based in nearby cities or unincorporated areas of Miami-Dade County include, Benihana, Burger King, Carnival Cruise Line, Navarro Discount Pharmacies, Perry Ellis International, Ryder, Sedano's, UniMás, and U.S. Century Bank.
Miami is a major television production center, and the most important city in the United States for Spanish language media. Telemundo and UniMás have their headquarters in the Miami area. Univisión Studios and Telemundo Studiosproduce much of the original programming for their respective parent networks, such as telenovelas, news, sports, and talk shows. In 2011, 85% of Telemundo's original programming was filmed in Miami. Miami is also a significant music recording center, with the Sony Music Latin headquarters in the city, along with many other smaller record labels. The city also attracts many artists for music video and film shoots.
During the mid-2000s, the city witnessed its largest real estate boom since the Florida land boom of the 1920s, and the city had well over a hundred approved high-rise construction projects. However, only 50 were actually built. Rapid high-rise construction led to fast population growth in the Miami's inner neighborhoods, with Downtown, Brickelland Edgewater becoming the fastest-growing areas of the city. The city currently has the seven tallest (as well as fifteen of top twenty) skyscrapers in the state of Florida, with the tallest being the 868-foot (265 m) Panorama Tower.
The housing market crash of 2007 caused a foreclosure crisis in the area. In 2012, Forbes magazine named Miami the most miserable city in the United States because of the crippling housing crisis that cost multitudes of residents their homes and jobs. In addition, the metro area has one of the highest violent crime rates in the country and workers face lengthy daily commutes. Like other metro areas in the United States, crime in Miami is localized to specific neighborhoods. In a 2016 study by the website 24/7 Wall Street, Miami was rated as the worst U.S. city in which to live, based on crime, poverty, income inequality, education, and housing costs that far exceed the national median.
Miami International Airport (MIA) and PortMiami are among the nation's busiest ports of entry, especially for cargo from South America and the Caribbean. PortMiami is the world's busiest cruise port, and MIA is the busiest airport in Florida and the largest gateway between the United States and Latin America. Due to its strength in international business, finance and trade, the city has among the largest concentration of international banks in the country, primarily along Brickell Avenue in Brickell, Miami's financial district. Miami was the host city of the 2003 Free Trade Area of the Americas negotiations.
Miami is the home to the National Hurricane Center and the headquarters of the United States Southern Command, responsible for military operations in Central and South America. Miami is also an industrial center, especially for stone quarrying and warehousing. These industries are centered largely on the western fringes of the city near Doral and Hialeah.
According to the U.S. Census Bureau in 2012, Miami had the fourth highest percentage of family incomes below the federal poverty line out of all large cities in the United States, behind Detroit, Michigan, Cleveland, Ohio, and Cincinnati, Ohio, respectively. Miami is also one of the very few cities in the U.S. where the local government has gone bankrupt, in 2001. On the other hand, Miami has won accolades for its environmental policies: in 2008, it was ranked as "America's Cleanest City" according to Forbes for its year-round good air quality, vast green spaces, clean drinking water, clean streets and citywide recycling programs.
Miami is home to one of the largest ports in the United States, the PortMiami. It is the largest cruise ship port in the world, and is often called the "Cruise Capital of the World" and the "Cargo Gateway of the Americas". It has retained its status as the number one cruise/passenger port in the world for well over a decade, accommodating the largest cruise ships and the major cruise lines. In 2017, the port served 5,340,559 cruise passengers. Additionally, the port is one of the nation's busiest cargo ports, importing 9,162,340 tons of cargo in 2017. Among North American ports, it ranks second to New Orleans' Port of South Louisiana in cargo tonnage imported from Latin America. The port sits on 518 acres (2 km2) and has seven passenger terminals. China is the port's number one import country and number one export country. Miami has the world's largest amount of cruise line headquarters, home to Carnival Cruise Line, Celebrity Cruises, Norwegian Cruise Line, Oceania Cruises, and Royal Caribbean International. In 2014, the Port of Miami Tunnel was opened, connecting the MacArthur Causeway to PortMiami.
Tourism and conventions
Tourism is one of the Miami's largest private-sector industries, accounting for more than 144,800 jobs in Miami-Dade County. The city's frequent portrayal in music, film, and popular culture has made the city and its landmarks recognizable worldwide. In 2016, it attracted the second-highest number of foreign tourists of any city in the United States, after New York City, and is among the top 20 cities worldwide by international visitor spending. More than 15.9 million visitors arrived in Miami in 2017, adding $26.1 billion to the economy. With a large hotel infrastructure and the newly renovated Miami Beach Convention Center, Miami is a popular destination for annual conventions and conferences.
Some of the most popular tourist destinations in Miami include South Beach, Lincoln Road, Bayside Marketplace, Downtown Miami, and Brickell City Centre. The Art Deco District in Miami Beach is reputed as one of the most glamorous in the world for its nightclubs, beaches, historical buildings, and shopping. Annual events such as the Miami Open, Art Basel, the Winter Music Conference, the South Beach Wine and Food Festival, and Mercedes-Benz Fashion Week Miami attract millions to the metropolis every year.