Is Miami Expensive? Find Out How Much You Need Here

Is Miami Expensive?

Whether you are thinking about a vacation or considering a big move, figuring out whether Miami is or isn’t too expensive to be in can be tricky if you don’t know where to start.

Many would assume that the stunning waterfront condos, exotic nightclubs, and celebrity-filled beaches that make up Miami would make it super expensive. But, Miami is so much more than a wild night out or a luxury ocean-view penthouse.

In fact, Miami is one of the most diverse cities in the USA, with activities, amenities, and living options to fit just about every budget.

Cost of Living

The cost of living in Miami is actually much more affordable than other well-known US cities such as LA or New York. And Miami movers are usually much less expensive than those in other big cities as well. When it comes to rent, for a single individual, rent can range from as low as $700 per month in a studio or one-bedroom in trendy areas like Wynwood or Little Havana.

A larger or more luxurious apartment can be found in the city center for those with extra money for rent. Neighborhoods such as Edgewater and Brickell have rentals for around $2000 per month.

Families looking for larger accommodations can pick up places downtown for around $2000-$5000 per month depending on the location, square footage, and amenities.

Cost of Entertainment & Travel

When it comes to paying for entertainment, many will find that Miami’s 16 beaches and 147 different parks offer free daily entertainment such as picnics, beach volleyball, and outdoor concerts.

Other fun activities that won’t break the bank include:

  • salsa lessons
  • art museums
  • walking streets
  • water sports
  • cabaret shows

Any of these activities are not only affordable to do but also affordable to get to. For example, public transportation costs for Miami’s bus and rail system will run a little over $100 for the month. Likewise, those with a car will find the price of gas and car insurance relatively affordable compared to other east and west coast states.

Taxes

One of the best parts about moving to Miami, for those interested in relocating for work or retiring, is that the state has no personal income tax liability. This means that individuals are only responsible for:

  • federal taxes
  • property taxes
  • sales tax

There are many caveats to these taxes, though. For example, property taxes are waived for persons over 65, assuming they file the necessary paperwork. This, in addition to the favorable weather, makes retiring to Florida an excellent choice for those working with long-distance movers to relocate.

Furthermore, sales tax is not applied to the following items anywhere in the state of Florida:

  • Any groceries that aren’t pre-made hot foods
  • Prosthetic & orthopedic instruments
  • Seeds & fertilizers
  • Household remedies such as first aid kits and cold medications
  • Health kits & monitors for blood pressure, diabetes, etc.

When sales tax is charged on items, it is relatively low compared to the rest of the USA, coming in at about 7%. Remember this when you’re preparing your packing checklist for moving because it might cost less to buy new items rather than pay to move your current goods.

Day-To-Day Expenses

Day-to-day costs of living in Miami are only as expensive as you want them to be. While there are many waterfront restaurants and bars to take in a scenic view and indulge in an extravagant several-course meal, there are also many watering holes and local restaurants that make eating out super affordable.

For instance, the Little Havana and Little Haiti neighborhoods are known for their food trucks and carts making delicious (and affordable) Cuban cuisines such as plantain empanadas or roast pork sandwiches.

Prefer to do your own cooking? No problem! Not only are groceries not taxed, but the cost of most staple items is on the lower end of the national average. For example, milk will cost about $1 per liter, with fruits and veg costing around $2 per pound.

Things like cigarettes and alcohol are still relatively cheap compared to other states. For example, a pack of 20 cigarettes costs around $8, and a mid-range bottle of wine runs about $10 per bottle.

Employment Opportunities

While the cost of living may be higher or lower than where you are currently living, making money to cover the costs of moving to Miami right using quality full-service movers and funding a desirable lifestyle is relatively easy to do.

With one of the hottest job markets in the country, Miami is increasing its employment rate by several percentage points each year. Currently, the most sought after jobs in the city include:

  • Real Estate
  • Property Management
  • Project Management
  • Architecture
  • Engineering
  • IT & Computer Science
  • Legal Services
  • Construction

If you have skills in these areas, getting a job in Miami will be a breeze. For those that don’t, the city is an excellent place to learn. Miami has some of the best universities in Florida and even in America including:

  • The University of Miami
  • Miami Dade College
  • Florida International University
  • Barry University
  • St Thomas University

Additionally, several excellent trade schools in the city can help students get into various careers, including healthcare and service industries.

For those who already have degrees but are looking at relocating for work, Miami has one of the highest average salaries out of all the US cities and is certainly worth looking into. That alone should offset any worries you might have about the cost to move to Miami.

If you become a resident of Florida for at least 12 consecutive months, you can even qualify for in-state tuition. In-state tuition can be as much as 60% less than the cost of out-of-state tuition, making Florida one of the most affordable places to get an education.

Frequently Asked Questions

What is the average salary for a professional in Miami?

The average income for those working a professional career in Miami ranges from $70K to $90K per year. This number can vary depending on what industry you are working in and your position within that field.

How much do I need to live comfortably in Miami?

Average estimates claim that $50-$70K per year is needed to live comfortably in this perpetually sunny beach-filled city.

Is Miami safe to live in?

Miami is one of the safest cities to live in in the USA. Millions of tourists and half a million residents choose to make it their home without any issues, and the crime rate continues to drop every year.

Is Miami expensive? Only if you want it to be!

Miami is a great place to live and work. With the salary you will get from working in Miami, combined with the affordable cost of living, this city has something for everyone regardless of lifestyle and budget.

Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email

More To Explore

Don’t Be A Stranger…

Just write down some details and our customer success heroes will get back to you in a jiffy!

Contact Info