The Cost of Living in Miami: All You Need To Know

Living in Miami
The Cost of Living in Miami: All You Need To Know

Sunshine, beaches, palm trees, and warm weather definitely make moving to Miami feel like something out of a movie.

We’re not in a movie, however, and you still need to budget according to your needs. You also need to consider the expenses you’re going to encounter in this tropical state.

It’s crucial to understand the cost of living in Miami, Florida before moving. We’ve put together some key information to consider before relocating. 

The Cost of Living in Miami, Florida

Out of everything that you could expect to budget for, housing is probably the most expensive factor that you should pay attention to. 

Where housing is concerned, Miami is slightly above the national average while other factors such as food, transportation, entertainment, and healthcare are below the national average.

Also, the cost of living in Miami, Florida’s beautiful landscape is dependant on which neighborhood you pick, as the prices can vary from area to area.

Some of the pricier locations such as the Financial District, Bay Point, and Brickell have apartments that can go for as much as $4,400 p/m. This is due to the fact that they have easy access to the Bayfront and Miami Beach and are close to shopping and restaurant districts.

There are also many affordable neighborhoods, where apartments go for around $1,400, just south of Dolphin Expressway or west of the I-95. Here you’ll find Miami’s historical neighborhoods like Riverside and Little Havana.

Just know that wherever you choose to call home in Miami, we’ll be right there, giving you all the help you need when moving all of your belongings.

Housing

Renting

As part of your cost of living in Miami, Florida you can expect to pay $2,000 for a single-bedroom apartment in the city center, and around $3,800 for a three-bedroom apartment in the same area.

A single-bedroom apartment outside of the city can be a little cheaper than the average cost p/m – going for $1,400 or so. At the same time, a three-bedroom apartment outside of the city will go for $2,500 on average.

Let’s say the apartment you’re looking at is 900 sq. ft., completely furnished, and it’s in an expensive area – you’re looking at a monthly cost of around $3,100. 

The same kind of apartment in an average-priced area will cost you just a little more than half of that amount at $1,700 a month.

Studio apartments are somewhat cheaper but you’re only getting half the size, around 480 sq. ft. In an expensive area, they can cost around $2000 a month while it’ll only cost $1,200 in an average-priced area.

Buying

Buying an apartment is calculated by the price per square foot. According to the cost of living in Miami, Florida, the average price per square foot in the city center is around $500, or $5,400 if the prices are advertised by square meter.

Away from the city center, the prices are cheaper. You can expect to pay $260 per square foot and around $2,800 if advertised in square meters.

The median price for a house with three bedrooms and two bathrooms can range between $450,000 to upward of $490,000.

Utilities

The monthly average for utilities in Miami costs about $140. This includes electricity, cooling, heating, garbage disposal, and water. This price reflects the cost of a 900 sq. ft. apartment. 

Luckily, the utilities don’t make up a large sum of the cost of living in Miami, Florida. Most people get by just fine with the utility bill.

Along with all of the necessary things, you’d still want an internet connection to enjoy your downtime watching a few videos on Youtube or binging a series on Netflix. As do we all. 

The average cost for a 60Mbps connection speed with unlimited data can cost around $70 a month. 

Food & Groceries

Going out to buy essential groceries is always important, and as part of the cost of living in Miami, Florida, you can expect to pay between $80 to $100.

A resident in Miami pays around $400 for groceries and other food, per month. Compared to the national average (100) the average cost of food in Miami is about 7% higher. 

Healthcare

Miami’s average healthcare is about 3% lower than the national average. This means that you can expect to pay $100 on average for a visit to the doctor, optometrist, or dentist while a veterinary visit is almost $50. 

Prescription medicine is slightly more costly, costing over $400. We’d advise you to keep this in mind when setting up your budget, as this can have a significant on your cost of living in Miami, Florida.

The cost of cold medicine for a 6-day course costs about $8, and a box of antibiotics containing 12 doses costs $20 more or less. 

Personal hygiene is a lot more affordable in this area. With $25 in your pocket, you can afford a box of tampons, deodorant, shampoo, four rolls of toilet paper, and a tube of toothpaste. 

The only thing that costs a fair amount of money would be for a men’s haircut which costs $24.

For an individual adult, the monthly cost for healthcare can touch $2,800 which includes health insurance, medication, and other costs. In a four-person family, these monthly costs can increase up to $9000 a month.

Education & Childcare

Childcare

Maybe you work a lot, or maybe there’s no one else at home to take care of your child while you’re out. If that’s the case then you’ve probably considered some form of childcare as part of your cost of living in Miami, Florida.

In Miami, you can pay close to $1000 a month for a single child, privately and all day. Young children also have the option to attend an international private school but that would cost an average of $20,000 a year.

Education

As a student in Miami, you can expect the average cost for tuition and subsequent fees for colleges to be around $4,000 in-state and almost $13,000 for out-of-state. It’s less than the national average of $6,500 and $18,000.

When you take a look at private school tuition, the average cost per year is almost $9,500. Private elementary schools cost an average of $9,400, and private high schools cost an average of $10,400 a year.

Transport

Public Transport

Moving to a new city can present its own variety of challenges, one of them being not familiar with the roads and new surroundings.

Usually, you can get to know your new environment by using public transport like the bus, a taxi, or a subway. Here’s what you need to know price-wise to determine your cost of living in Miami, Florida.

A one-way bus ticket will cost a little more than $2 for a local trip in the area you’re living in, while a monthly pass at a normal price will cost you around $110 a month.

Hailing a taxi is may also ne necessary at times. The normal tariffs you’ll encounter in Miami go like this: to start your ride with the cab it’ll cost you $3.50 and then it’s going to be just a little over $2. If you have them wait for you then it’ll cost you $20 or so.

Just know that if you choose to use your own vehicle gasoline is going to set you back almost $3 per gallon. 

Entertainment

There’s no shortage of things to do when you’re in this tropical part of the US. From the art scene to the football, basketball, and baseball teams, and there’s an entire mile of beach you can go to. 

Here are some fun and exciting things for you to factor into your cost of living in Miami, Florida – we wouldn’t want you to get bored, right? 

Sports Teams

Football fans should definitely take the time to check out the local team, the Miami Dolphins as they go head-to-head with other national teams. 

Although, the tickets are pricey, in 2018 tickets for a Dolphins game went for around $80.

Florida is also home to the Miami Heat, which at the time of writing this article, is 3rd in the Eastern Conference. A ticket to one of their games is a little cheaper than one of the Dolphin’s games, coming in at just over $70. 

Miami is also home to the Miami Marlins, the state’s national baseball team. The team boasts a 37,000-seat stadium, and a ticket to one of their games will cost an average of $30. 

Art & Design

If sporting isn’t your kind of thing, don’t worry about it. Miami also has quite an incredible art scene. 

We’d encourage you to try out the walking tour that’s offered by The Miami Design Preservation League. The tour explores the city’s Art Deco architecture for only $30. 

There’s also the popular Art Basel where different works from international galleries were made by master artists of modern and contemporary art, including some of the upcoming new artists. 

There you’ll have two options, $50 will get you admittance to Art Basel, while an extra $25 will get you an additional admission to Design Miami.

Lastly, there’s the Pérex Art Museum Miami, and it’s the most affordable option coming in at $16 for a single admission ticket.

Culture Hub

There’s this one spot in Miami that you definitely don’t want to miss out on, Calle Ocho in Little Havana. This place has become the usual hub of the Cuban and Cuban-American cultures in Miami. 

A particular restaurant in Calle Ocho has gained a lot of fame, it’s called Versailles Restaurant. Their cortaditos are unmissable and only cost about $2. A cortadito is basically an espresso shot with some steamed milk but we figure there’s something more to it that’s getting it all this attention.

Salaries in Miami

Compared to the national average, Miami’s salaries are a bit lower. This is because services in Miami are usually in high demand and it’s also common for the average Miamian to have more than one job. This has quite the impact on your cost of living in Miami, Florida when you think about it.

Someone working in Miami typically earns around $90,000 annually judging by the state’s average. In some cases, it can range from $24,000, the lowest, to $400,000, which is the highest. 

Let’s say you earn around $55,000 per year, right? Your total income tax would equal $9,400 which leaves you with $45,600 a year or $3,800 a month. 

Can I Live Off of $50,000 in Miami, Florida?

Yes, it’s entirely possible to do so. Living comfortably in Miami, Florida means that you have to earn a monthly salary of $3,500 more or less. 

That amount is able to cover the expenses you pay each month as well as anything extra along with it. That means any planned or unplanned costs can be covered, too, like health insurance, auto repairs, or entertainment.

Your annual income would have to be just over $40,000 to allow for a modest living in a single-bedroom rental. 

However, living comfortably means that you’re earning three times your monthly rent. If the rate of a single-bedroom apartment is around $2,500 then the pre-tax income you earn monthly would have to be close to $8,000 a month or $96,000 per annum.

Key Takeaways 

Miami, Florida is one giant beach with a vibrant culture, warm weather, and loads of entertainment. It’s also a reasonably expensive city when compared to the national average, housing costs in particular. 
This shouldn’t keep you from moving in, though, as you can get by just fine when you know where to look. But, you need one of the best moving companies in Miami FL. Want to get started? Contact us and let’s get moving!