What Is The Cost Of Living In Miami?
May 24, 2023Planning to move to Miami? So, we are here with the cost of living in Miami to help you in managing your budget. Before moving there, you need to do proper planning because Miami is one of the most expensive cities in the United States. Miami is a city located in the state of Florida, United States. Popular because of its pristine beaches, non-stop nightlife, and fantastic warm weather. The city is also known for its mind-blowing skyline, luxurious shopping malls, art deco architecture, and high-end hotels. Let me tell you about the cost of living in Miami.
What Is The Cost Of Living In Miami?
The cost of living in Miami is 122.4 which is higher than the national average cost of living by 100 points. After considering the following table you may get to know that the cost of housing, groceries, transportation, health, and median house cost is more than the national average and only utility cost is slightly lower than it. From this, you can guess that the average cost of living in Miami is more than the national average.
Cost Of Living For Miami USA
Housing 136.5 100
Grocery 107.3 100
Transportation 144.5 100
Utilities 95.9 100
Health 104 100
Miscellaneous 100.2 100
Median Home Cost $398,100 $291,700
Overall 122.4 100
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Home Rent
The cost of living in Miami Florida is greatly affected by the housing cost or house rent because in the city housing is expensive. Therefore, the cost of living in Miami for international students is quite unaffordable. The average housing price in the city has skyrocketed in recent years. Due to increased demand for housing, the average Florida home price rose from $360,000 in 2019 to $469,562 in quarter-1 of 2022. To make it simple, here we have given a table showing the approximate cost of housing in different cities of Florida, including Miami.
City Approx 1 Bedroom Rent Approx 2 Bedroom Rent
Pensacola $1700 $2000
Orlando $1527 $1815
Miami $2700 $3600
Tampa $1484 $1810
Food Cost
When evaluating the true cost of living in Miami Fl, food is one of the most important factors to consider. Because it has a large contribution to the cost of living in Miami per month. In Miami, the price of everyday foods such as produce, meat, and dairy is. A bottle of milk costs around $3.32, a dozen eggs go for around $1,77, and a pound of potato circles around 44.11 in Miami. To know the cost of dinner at medium-level restaurants for two persons in the different cities in the state, consider the table given below.
City Approx Dinner Cost For 2
Pensacola $45
Orlando $40
Miami $50
Tampa $45
Travel Cost
Like housing, the cost of transportation is also increasing sharply. If you can not afford to own a car in Miami, you can also rely on public transportation to get around and save money. The cost of a trip aboard Metro Rail or Metrobus is $2.25 each way, or $5.65 for a one-day pass. Metrorail and Metrobus transfers are now free. However, the transfer fee for Metrobus and Metrorail to an express Metrobus route will be 95%.
Other Expenses
We have known the cost of living with some important factors but there are some factors that also contribute to our cost of living. Let’s know about them,
Health Care
The benchmark for this category is based on the prices of family doctor visits and specialized services such as optometry. In the city, an optometry check-up costs around $109.73, while a dentist appointment is priced at $105.31 on average.
Utility Bills
Utility costs include basic services such as energy and telecommunications. In Miami, energy bills are around $172.32 per month for an apartment.
Internet Bills
The internet plan for Xfinity Connect will cost you $30.00 per month for 75 Mbps while the plan from EarthLink 15 Mbps internet will charge you around $49.96 per month for 15 Mbps.
Fitness
The cost of this category depends upon the charges applied by the different gyms and fitness clubs. The average cost of one month’s gym membership is $51.
Entertainment
The cost of entertainment totally depends upon how many times you or your family go for outings. A single person needs $25 per day to spend on entertainment in Miami, Florida.
Taxes
The minimum combined 2022 sales tax rate for Miami, Florida is 7%, which includes the tax rates from state, cunty, and city sales. Currently, the state sales tax rate is 6%, and the county tax rate is 1%.
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FAQ
Is It Expensive To Live In Miami?
The cost of living in Miami, FL is 18% higher than the state average and 18% higher than the national average.
Is Living In Miami Affordable?
Miami is now the least affordable place to live in the US as average rents now rival New York City and San Francisco, new real estate data shows.
Is Rent Expensive In Miami?
Miami is the #17 most expensive large city in the U.S., with a median rent of $1,940. Citywide, the median rent currently stands at $1,624 for a 1-bedroom apartment and $2,152 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,940.
What Area In Miami Is Safest?
Kendall. This area has a crime rate that is 54% lower than the Florida average, earning it a 64 percent safer rating than comparable cities in the US. It is one of Miami’s safest neighborhoods. The Falls and The Sabal Chase subdivision are two of the most well-known attractions in this community.
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How Much Does It Cost Monthly To Live In Miami?
Summary about cost of living in Miami, FL, United States: Family of four estimated monthly costs are 4,346.0$ without rent. A single person estimated monthly costs are 1,190.0$ without rent.
Can You Live In Miami On 70k A Year?
To Live “Comfortably” in Miami, You Need to Make $77,057 ($46K More Than the Median Income) According to a financial rule of thumb, a person should spend about 50 percent of his or her after-tax income on necessities. That includes things like rent, food, utilities, health care , and transportation.
Why Is Miami Beach Famous?
Miami Beach offers a variety that goes far beyond sun and sand, encompassing world-famous nightlife and world-renowned art galleries, first-class hotels and second-to-none dining, designer shopping and a unique architectural style that makes it one of the world’s most visually distinctive regions.
Conclusion
In this article, you have learned what is the cost of living in Miami Florida. Now, you have an idea about the cost of living, so you can guess the amount of money needed to move to Miami. When you compare the cost of living in Miami vs New York or the cost of living in Miami vs Los Angeles, both the time Miami will remain at the top because it is a much more expensive city in the United States. Well, the salary needed to live in Miami, to live a good life with some basic facilities is $77,057 per month. Now, you know the cost of living in Miami, so you can make a plan to move to Miami.
