Miami is defined by seemingly endless shopping opportunities in modern, sprawling malls and quiet family-owned shops of Coconut Grove. It also offers the lures of deep-sea fishing, golf and tennis, plus Miami's major league football, basketball, hockey and baseball teams. Miami is a center of art festivals and outdoor food and wine extravaganzas and hosts an international airport and the world’s busiest cruise port.
Miami's population is 6.2M, with a total workforce of 2.7M. The labor market grew by 19,800 jobs over the past year, up by 0.7%. The median household income in Miami is $58,853, 4.5% higher than last year and 6.8% below the national average of $63,179.In the housing market, total permits issued totaled 22,055 over the last twelve months, up 4.8% year-over-year. Miami has 286 active new home projects on the market, 8.9% fewer than the 314 from last year. The average list price in the market is $557,862, 7.2% lower than last year and 73.6% above the national average. Over the last three months, new home contracts decreased by 5.2% to 1,639. Homestead and Loxahatchee had the highest concentration of the new home contracts in the Miami market.