Living in the Magic City: The Cost of Luxury in Miami

Known as the Magic City, Miami is a very particular mix of a modern urban culture with an excellent coastal environment where Latin and American traditions also converge.

FC Cincinnati forward Yuya Kubo, left, competes for the ball with Inter Miami forward Lionel Messi (10) during the second half of an MLS soccer match, Saturday, Oct. 7, 2023, in Fort Lauderdale, Florida (AP Photo/ Rebeca Blackwell) | Photo: AP

Therefore, it is not strange that renowned artists, athletes and billionaires in general prefer it to establish their place of residence.

Among the renowned figures who live there is the soccer player Lionel Messi, who, like others around the world, choose Miami as one of their cities to live with their family.

This cosmopolitan city has a port and is a meeting place for great businessmen and wealthy people. It is also known that the singer Shakira, after her separation from Piqué, decided to go live with her children there.

How much does it cost to live in Miami?

Living in Miami, as has been said, is for multi-millionaire people, especially in the most expensive and exclusive sectors of the city. This would be what it costs to live in one of the most privileged areas that this town has.

Lionel Messi, winner of the 2023 Ballon d’Or. | Photo: AP

According to some real estate experts, it is estimated that there are about 12 billionaires in this city in the state of Florida. This makes it the sixth city in the United States to have the highest number of people with this type of fortune. Furthermore, as if that were not enough, it has some 38,000 millionaire citizens.

The ‘youtuber’ Planeta Juan was in front of the exclusive housing complex where the footballer Messi lives and found out the prices of several ‘penthouses’ and apartments in this sector, called Porsche Design, which has all the possible amenities, in addition to a access to an exclusive Suny Isles beach.

The content creator consulted the real estate agent, Colombian Nicole Martínez in Miami, who showed him several of the apartments that are available for rent in the sector where this complex is located.

Rentals in Miami

After some consultations, it was established that Miami North Beach is the name of the exclusive sector of that city where several buildings with dozens of floors can be seen.

There, a ‘duplex’ apartment with three bedrooms, two bathrooms, good views and several balconies costs 15,000 dollars a month to rent (59,709,450 Colombian pesos), one of the cheapest prices that exist in this exclusive place.

On the other hand, another two-story ‘penthouse’, with 5 bedrooms, 2 bathrooms and several balconies has a monthly rent of $25,500 (99,515,750 Colombian pesos). It should be noted that the buildings have a spa, swimming pool, gym and many more amenities for its residents.

However, in order to rent one of these luxurious apartments, tenants must meet certain requirements, including earning income of at least three times the rental fee.

Miami is one of the most ‘desired’ areas for Latinos. | Photo: Getty Images / Alexander Spatari

That means that a Colombian middle class person could hardly afford one of those apartments and would have to look for a much cheaper housing solution in other, not so luxurious sectors of Miami.

2023-11-05 19:29:12
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