Miami restaurant and retail owners show processor deposits, delivery payouts and event revenue. The lender reviews a 12 or 24 month stretch of statements, depending on the program.
A look at the local numbers
The Bureau of Labor Statistics includes approximately 6,346 food services and drinking places establishments with employees in Miami-Dade County, together employing roughly 102,697 people at an average annual pay of $37,857. That number leaves out operators who have no employees, who are common among restaurant and retail owners. A location quotient of 1.04 for jobs puts this work consistent with the U.S. norm of 1.0.
Census survey data count roughly 4,786 self-employed people in hospitality and the arts together with retail living in the city of Miami. They make up 9.0 percent of the workers in that group and roughly 10.7 percent of all self-employed residents.
Miami snapshot
| Measure | Figure |
|---|---|
| Employer establishments in food services and drinking places | 6,346 |
| Jobs at those establishments | 102,697 |
| Average annual pay | $37,857 |
| Self-employed residents in the related group | 4,786 |
| Share of that group who are self-employed | 9.0 percent |
| Statewide share for the same group | 7.9 percent |
Neighborhood by neighborhood
Calle Ocho, Wynwood, Coral Gables' Miracle Mile, Brickell and the beach each have their own character. Some depend on tourists, some on office workers, and others on local families.
What buyers face in the market
Anyone buying in the city of Miami should know that median gross rent is about $1,758 a month; approximately 16.0 percent of the workforce works at home; and approximately 4.2 percent of units are held for seasonal or occasional use. Averages like these do not replace an appraisal of the house you are buying.
Reading the sales
Processor statements show monthly card sales. Delivery payouts arrive net of fees. Cash that is not deposited cannot be counted. An underwriter groups the sources.
Season and storm
Winter is busy season for many Miami businesses. Summer and hurricane season quiet some, and a storm can close a shop for days. A 24 month period covers both.
Documents
A business license, lease, state sales tax filings, processor statements and a letter from a tax professional round out the file. Records in Spanish may need English translations.
Reading the deposits
In Miami, the median home is valued near $518,000, and the file for a self-employed buyer is built near that scale. Daily card batches rarely match sales exactly, since processors hold back fees and settle on a delay. Do not worry about reconciling every day. What counts is that monthly totals look like a real business: a stable range, seasonal bumps that make sense for your trade and no sudden jump near the application date. If a month is unusual, a sentence of explanation helps.
Against the state and peers
The Florida number for the same group is 7.9 percent, which puts Miami (9.0 percent) above the state. Of 22 comparable Florida areas, it ranks 7th on that measure. At $37,857, this is a lower paying field on average, which puts the expense factor and real operating costs at the center of the review.
Paperwork worth gathering
Seasonal food and retail businesses should expect the reviewer to use the full 12 or 24 months, not the strongest quarter. A shop that earns half of its revenue between October and December and runs thin the rest of the year will average out lower than the holiday months suggest, which is also how a conservative budget should look. A twenty four month window can smooth a weak year.
What to explain up front
Homeowners pay median real estate taxes close to $4,586 a year in Miami, one more number a lender adds to the housing obligation. Sales tax, tips and tax withholding show up in the deposits too. These are not income, and a thorough underwriter will not treat them that way, so seeing a note in your file that spells out how you handle them lowers back and forth. If you pay sales tax from a distinct account, say so.
Employers in the work around Miami
| Line of business | Establishments | Jobs | Average annual pay |
|---|---|---|---|
| Restaurants and other eating places | 5,479 | 90,952 | $37,152 |
| Special food services | 696 | 8,390 | $43,677 |
| Drinking places | 171 | 3,354 | $42,435 |
Local statistics are from the Census Bureau and the Bureau of Labor Statistics, as described on the data sources page.
Illustrative and general. Each program sets its own rules, and every lender reviews income, credit, debts and the property before any approval.
Related
- Bank statement loans in Miami, FL
- Restaurant and Retail Owners: national guide
- What you need to prove
- Real Estate Agents in Miami
- Consultants and Freelancers in Miami
- Creators and Online Sellers in Miami
- Restaurant and Retail Owners in Tampa, FL
- Restaurant and Retail Owners in Orlando, FL
Planning a purchase or refinance in Miami?
Apply online or call, and we will tell you which documents to pull together first.
Frequently asked questions
Is cash income counted?
Only what is deposited into the account.
What if a storm closed my shop?
Describe it briefly. A 24 month window helps.
Are there many restaurant and retail proprietors in the Miami area?
Payroll data for Miami-Dade County show around 6,346 establishments with employees in food services and drinking places, and Census estimates count approximately 4,786 self-employed residents of the city of Miami in the related industry group. Operators with no employees show up only in the Census figure.
What is unique about Miami for restaurant and retail proprietors?
Programs apply the same rules to deposits wherever you live. What changes is the house and the neighborhood. The city of Miami has a median home value near $518,000 ($359,000 for Florida), with 31 percent of residences owned and a median year built of 1979.