What makes Miami one of the top cities to party for New Year’s? You may be doing it soon
If you’re in Miami for New Year’s, you’re in one of the best places in the country to celebrate, a new study says. Thanks to the vibrant restaurant scene, the Magic City is near the top of the list, even though it fared poorly in affordability and safety.
Tourists in Miami this week will ring in 2024 from luxury hotels or trendy restaurants in South Beach, Brickell and in downtown Miami where thousands will also watch the rise of the Big Orange and take in the live music at Bayfront Park.
There’s good reason for that.
Miami ranked sixth out of 100 cities in the report by WalletHub, a personal finance company based in Miami and owned by Washington, D.C.-headquartered Evolution Finance.
The categories
The December study assessed 100 cities across three categories — entertainment/food, costs, and safety/accessibility — and 26 indicators it considered key to “an epic New Year’s celebration” such as duration of 2023 fireworks show, restaurants per capita and music venues per capita.
Another Florida city took the overall top prize: Orlando.
San Diego, New York and Las Vegas came in second, third, and fourth, and Miami scored slightly ahead of Los Angeles and Chicago. .
Entertainment and food were given extra weight, accounting for 50 of the total 100 points, according to the study’s methodology.
MORE: How jammed will traffic be in downtown Miami for New Year’s Eve? Take note of events
Growing dining scene
The food mood helped Miami climb the rankings, where it landed second in Entertainment and Food category among 100 cities, the key to an overall top 10 rating.
Miami draws celebrity chefs and high-end restaurants from all over the world and it has become a major player in the foodie scene. This year’s Michelin Guide included 12 Miami restaurants, an all-time high.
In the survey in restaurants per capita, Miami tied for first, with Orlando, Chicago, Houston, San Francisco and Los Angeles.
Yet it’s not just the visitors enjoying the city’s restaurants who are in for a treat. Those staying in on New Year’s Eve are also in the right place, according to the report.
“If you are hosting a party of your own, you will find many gourmet specialty food stores, party supplies and liquor shops to choose from,” Cassandra Happe, an analyst with WalletHub, said in an interview.
But there’s a downside that locals already know: Miami isn’t cheap.
Expensive city on New Year’s and high cost of living
Miami ranked 86th in cost or affordability of New Year’s Eve.
The cost of Miami’s restaurants ranked 99th, meaning it has the second priciest meals among 100 U.S. cities.
Hotel prices and grooming costs were also astronomical, ranking 82nd and 84th, respectively.
“Travelers on a budget should be aware that celebrating the holiday in Miami can be costly,” Happe said.
While tourists in Miami this week may be stunned for the first time, locals have been battling surging prices and decreasing affordability for at least the past 12 months.
The Miami metropolitan area continues to have the highest cost of living increase among big cities in the United States. Inflation in the Miami area was 7.4% for the 12-month period ending in October, according to the latest Consumer Price Index report by the U.S. Bureau of Labor Statistics. That was more than twice the national CPI in October of 3.2%.
The figure includes Miami, Fort Lauderdale and West Palm Beach, and was tops among 14 U.S. metros. Seattle was second with 4.8%.
While Miami’s 7.4% cost of living increase was a slight improvement over the 7.8% it notched in August, it surpassed its June figure of 6.9%, suggesting inflation remains a problem.
Safety in the city
In the WalletHub report, Miami also fared poorly in Safety and Accessibility, ranking 88th among 100 cities. That measures factors such as traffic congestion, walkability, neighborhood security and car theft rate.
For example, it ranked 65th in traffic congestion and 91st in pedestrian fatality rate, suggesting that people visiting the Magic City for New Year’s Eve ought to keep an eye out for locals’ notorious driving behavior.
About the WalletHub report
Sources for the WalletHub report included the U.S. Census Bureau, Department of Transportation, FBI, Council for Community and Economic Research, Priceline, and the American Pyrotechnics Association.
Florida was also represented in the survey by Tampa, at 24th, Jacksonville at 31st, St Petersburg in 37th and Hialeah at 99th.
The top 10 cities to celebrate New Year’s:
1. Orlando
2. San Diego
3. New York
4. Las Vegas
5. Atlanta
6. Miami
7. Los Angeles
8. Chicago
9. Denver
10. Washington, D.C.
