Complete Guide on Cost of Living In Miami

Complete Guide for Cost of Living In Miami

The cost of living in Miami, on the average, is $2,202. Miami is among the top 3 percent of the costliest cities in the universe, ranked 8th out of 125 in the state of Florida, 181st out of 2202 in the country, and 262nd out of 9294 in out international list. The average post-tax salary in Miami is $3,801, which is sufficient to cover living expenditure for 1.7 months.

Moving to Miami can be exciting, especially if you are moving from a place with fewer things to see and do.

While the cost of living in Miami, Florida, will vary based on your exact location, whether you live in an apartment or a house, as well as your family size, below are some general figures to provide you an insight of the cost of living in Miami.

Read on!

Miami’s Cost of Living in 2021’s

Let’s look into the amount of the essential costs. You will need a place to live in, daily food and transportation, as well as some fun when you feel like it. Let’s go through them one after the other:

Home Prices in Miami

Miami was seriously affected by the financial problem in 2008. The city is yet to recover from high rates of foreclosure, as the area foreclosure rate in the city was given as 0.07% units in April 2019 data. When compared, the United States’ average is 0.04%. Regardless, homes in Miami are much more expensive than in other cities in Florida. The National Association of Realtors revealed that home sale price in the Miami metro area, on the average, is $350,000.

On the other hand, Jacksonville and Orlando are about $100,000 less costly at $246,900 and $265,000, respectively. These prices, together with the certainty that Miami is the destination for many young people, have added to the low homeownership rate of the city. In fact, only 29.5% of its residents are homeowners, as shown on Neighborhood Scout.

Rent in Miami

Rent is a bit on the higher side in Miami. The March 2019 report by Apartment List showed that the current average rent for a studio in Miami is $864. If you desire to rent a 1-bedroom apartment, you should prepare to pay about $1,068 on average. Two-bedroom homes are available for rent for about $1,355. If you are going for 3-bedrooms, get ready to spend about $1,865 per month. Each of the averages for Miami is more than the national caps.

Below is how they stand against their respective national averages:

  • Studio apartment: $864 on average
  • 1-bedroom: $1,068 on average
  • 2-bedroom: $1,255 on average
  • 3-bedroom: $1,865 on average

Utility Expenses in Miami

As regards utilities, the bill for power is not the same during the year, since heating is not needed during winter. Summers will increase your bill since it can enter 900 during the day, so you will need to run the air conditioner nonstop. Necessary utilities like electricity, water, cooling, and garbage for an apartment that measures 915-sq-ft are about $130. A minute of prepaid mobile tariff cost $0.04, and your monthly phone bill will be around $175. The internet is not up to $65. The rate per hour for cleaning assistance is about $16. You can prepare to be billed around $150 each month if your apartment measures 1,000 sq-ft.

Food Cost in Miami

If you choose to shop for groceries and cook at home, you will find a minimal difference in your food bills by moving to Miami Beach. Grocery store prices are only a little more than the national average, so you can conveniently feed yourself without spending a fortune. You will pay $2.71 for a gallon of milk, and $3.39 for a pound of potatoes. Eating and drinking outside will possibly cost you more.

Expect to spend a minimum of $10 for breakfast on the beach, and it is unlikely that you will find dinner for less than $20. There are not many fast food centers in Miami Beach, so consider your price expectations depending on the distance from the beach. With that, do you think you can surpass the quality of life in Miami Beach?  

Miami Transportation Cost

Miami is famous for its increased rate of vehicle ownership. About 91.3 percent of households in Miami have access to a minimum of 1 vehicle. The living wage calculator of MIT places the average yearly expenses of a single adult for transportation at $5,113. That is around $426 per month. However, the public transportation system of the city is great. People who don’t like driving or prefer public transportation options will enjoy getting around the city on bus or in train systems.

The famous Metromover system is totally free. it runs in Downtown Miami and Brickell, making stops at major locations like the Bayside Marketplace and American Airline Arena and providing efficient transportation for those traveling inside the downtown area. People that are traveling across the major Miami metropolitan area have unlimited transportation options. The Metrobus and Metrorail service this area for the cheap price of $2.25 per 1-way trip.

Healthcare Expenses in Miami

Since it is one of the top retirement locations in the country, it is so clear that healthcare in Miami is among the best in the world. Healthcare in Miami is 3 percent cheaper than the national average. You will spend a little above $100 for a visit to the doctor’s, and for an optometrist, you will need 4100. Visiting a vet will cost a little above $50. Frenadol, Tylenol, Coldrex, or other similar brands of cold medicine for six days will cost $6 and a box of antibiotics cost $21.

Miami Taxes

The state of Florida typically has low taxes, which is one of the reasons why it I a famous destination for retirees. There is no state income tax here. That implies that if you retire in Florida, your pension income, Social Security and other payout types will not be taxed. Residents of Miami pay 7% sales tax. This is shared between a 6 percent sales tax all over the state and a 1 percent state tax charged by Miami-Dade County. Miami-Dade County residents pay a median effective rate of 1.12% as the property tax rate. This is a bit more than the Florida median.

Other Cost of Living Facts to consider

Statista.com revealed the median price of a ticket to watch the Miami Dolphins in 2018 was $86.36. Basketball lovers can enjoy the Miami Heat at a median of $76.73 per ticket (2015/2016 season statista.com). there is also a baseball team known as the Miami Marlins in Miami. You can watch some of the Marlins’ matches at their stadium, covered with a retractable roof. Statista.com (2018) revealed that the average price of Marlin tickets is just $31.76.

The art scene in Miami is also impressive. You can take a walking tour of Miami’s Art Deco architecture offered by the Miami Design Preservation League for $30. You will pay $16 to be admitted to the Perez Art Museum. Want to check out the popular Art Basel in Miami? Prepare to pay $50 or $75 to visit the Art Basel and Design Miami.

Versailles Restaurant is one of the highly famous crowded spots on Calle Ocho and it is a place where you will pay just $1.85 to enjoy one of their must-tasted cortaditos (a steamed milk espresso shot). You don’t even have to leave the bustling city scene to enjoy coffee as you can get it at a to-go window.  

FAQ about Cost of Living in Miami

Is living in Miami high in cost?

You will spend a lot to live in Miami. With median monthly expenses costing $2,500, Miami is among the most expensive places to live than 4 major cities of California and all other cities in Florida on the list. Rent for a 1-bedroom apartment is one of the detailed averages.

What income does living in Miami require?

So, to reside in Miami with ease, you would need to earn about $3,500 per month. This amount enables you to cover these expenses we’ve discussed and also pay for any additional costs. These costs could be prepared for auto repairs, healthcare insurance, entertainment, or emergency.

Where does Miami sit on the cost of living to rank?

The cost of living in Miami is 123.1

Is Miami less costly than California?

Living in Miami, Florida, cost -20.9% less than in Los Angeles, California. A salary of $47,457 would be required to keep your current standard of living. Companies in Miami, Florida, often pay -13.9% lower than companies in LA, California.  

Conclusion

That was an insight to the cost of living in Miami. Are you ready to move to Miami? Determining your moving budget will need to include one more item – the costs of moving to another state.

Locate a company that is reliable, depending on the past experience or review and reserve a place on their timeline. You can make comparison of the costs of various companies and select the best one from our network of trusted Miami Movers.

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