When choosing an investment property, location is always a primary consideration. This could be the top reason why former Republican Pennsylvania State Senator John Rafferty has recently decided to invest in Miami. Reports from 2018 reveal that the real estate market in Miami is consistently going up. Apparently, this is what led the former Senator Rafferty to take advantage of the opportunity. After all, Miami is considered a hot market due to a tax advantage.
There are two main reasons why investors that have high-income tax and property values choose to go to Miami;
- There is no state income tax in Florida so the new federal tax reform laws don’t apply
- Miami real estate market offers a low price per square foot compared to other real estate markets
Forbes recently reported that foreign investors had invested a whopping $7.5 billion on properties within the U.S. and each one amounting to $1 million, and 25% of these investments are actually within Miami. This is an impressive figure considering the fact that Miami is one of the smallest major cities in the U.S.
All these factors may have convinced Mr. Rafferty to invest in real estate in Miami considering his relative background and extensive experience as an attorney. Before running for Senate in Pennsylvania, Mr. Rafferty was a lawyer engaged in private practice specializing in education, business; real estate, and estate laws.
Needless to say, he has sufficient background in terms of acquiring real estate properties and he is aware of the best locations to make investments. In this case, he has made Miami his personal choice for himself and his family.
At the age of 66, it is easy to understand why Mr. Rafferty has specifically chosen to invest in Miami over Pennsylvania where he served politically. Miami is, after all, a haven for people who are of retirement age. Aside from having limitless beach adventures across all ages and convenient air travel to various destinations, Miami is also a clean and health-friendly city that offers superior health care benefits specially tailored to people of retirement age.
To top it off, it is located in Florida which happens to be one of the states in the union that does not impose an income tax, estate tax, and inheritance tax amongst its residents.
There are virtually countless options for real estate when doing a Miami property search online. Featured properties include family residences, retirement houses, oceanfront condo units, beach houses, luxury estates, and rental properties among many others. These options plus the advantages of investing in Miami draw different people to live in this city; because for most foreign investors and immigrants, homeownership is the core element in living and substantiating the American dream.
All these factors appealed to Mr. Rafferty who understands very well the trends in the real estate market. These have also significantly contributed to his decision to invest in a real estate property in Miami. After all, it is a beautiful and progressive city where he can peacefully enjoy and savor his post-work years.