Urban air mobility (UAM) is predicted to be a necessary part of transportation in the coming years. UAM is also expected to offer faster and environmentally friendly travel than ground-based transportation. UAM is envisioned as a piece of the smart living infrastructure, which should benefit from data-driven technology. This article discusses the various aspects of establishing a reliable and robust information exchange for an Internet-of-things (IoT) supported UAM network. The IoT framework can address the control, safety, security, and communication challenges of UAM by facilitating real-time data collection, efficient data routing, monitoring safety-critical system performance, improving operations management, and preserving data security. Consequently, UAM users can benefit from reliable, uninterrupted, on-demand services with privacy protection and real-time notifications. This article explains how restructured communication paradigms can assist in an effective integration of UAM and IoT into a collaborative ecosystem.