The Cost of Living in Miami Beach Florida
If you have the plan of living in the beautiful city of Miami Beach, Florida, you might be slightly concerned about what the cost of living could be because of the kind of lifestyle you think is obtainable knowing fully well it is a coastal region with several beaches and exciting place. However, you do not need to be so bothered about the cost of living in Miami Beach as we have taken our time to break it down for you and you can be sure that some of the factors that you think could raise the cost of living in Miami Beach do not really contribute so much to the cost of living there.
With an average income and a moderate lifestyle, you can live conveniently in Miami Beach, Florida, either as an individual or with your family members. Relax and enjoy as we breakdown the figures for you to see and assess your present status to know if you are earning enough or you will need to earn more in order to move to Miami Beach.
All you need to decide to move or not is to do your estimate of what the cost of living is in Miami Beach and what it is in your present city and then take your decision based on your income.
WHAT IS THE COST OF LIVING?
The cost of living is the amount of money you need in order to maintain a level of lifestyle in a city or place. Hence, before you move to a new city, you need to find out how much it will cost to live in such a city. The price of goods and services, medical expenses, housing, and education are some of the factors that determine the cost of living in a particular city. The cost of living varies from one city to another. Calculating the cost of living in a particular area will help you to know how much more or less you need to be earning to know if you can maintain an ideal standard of living in such a city.
The major expenses that make up the cost of living include the cost of housing for homeowners and renters, food prices, entertainment costs, taxes, and cost of transportation.
WHAT IS COST OF LIVING INDEX
The cost of living index is the parameter with which one can compare the cost of living in different cities. For instance, the cost of living in New York City is almost double that of Portland, Oregon. The cost of living indices is dependent on a US average of 100. A city with an amount below 100 means that the cost of living in that city is cheaper than the US average while an amount above 100 means the cost of living in that city is expensive and above the US average.
The cost of living index is made up of different categories. These categories include utilities at 10%, transportation at 9%, goods, and services at 33%, groceries at 13%, housing at 30%, and healthcare at 5%. The majority of what makes up the cost of living index is from the categories of housing, and goods and services. They play a vital role in determining the overall cost of living in a particular area or city.
COST OF LIVING IN MIAMI
Miami Beach cost of living is 143.6, an amount that is higher than the national living average. This means that the cost of living in Miami Beach, FL is higher than the national average in the United States. Housing is a big factor in determining the cost of living and it carries a larger weight in determining the cost of living index of a city.
We will take a look at the many factors that determine the cost of living in Miami Beach; from housing to food, utilities. Transportation, and healthcare among others.
Depending on which Miami Beach neighborhood you plan to move to or live in, your rent is one part of your expenses that will determine if you can live comfortably in this beautiful city. For example, a condo can cost between $250K to $1 million while it could be more in high-end places like North Beach. The average cost of housing in Miami Beach, FL is $340, an amount that is 94% above the national average. Rent averages around $1,150 per annum and it could cost more in certain areas but anywhere you live in Miami Beach, you will still be able to enjoy the exciting sceneries it has got to offer and you will still be relatively close to the beach where you can always go to relax and have a good time with your family and friends.
Relocating to Miami Beach will not have a significant impact on how much you spend on groceries and cooking. Grocery store prices are only slightly above the national average and as such, you can shop and get food items at fairly cheap prices. For example, a pound of potato costs $3.39, a gallon of milk costs $2.72. However, eating out will cost you more, Miami Beach do not have too many fast food spots and price is based on the distance from the waterfront; breakfast along the beach can cost $10 while dinner can cost up to $20. If you want to eat and drink outside, you have to gauge your expected spending based on how close or far to the beaches around. You can have a dull moment in Miami Beach with lots of places to visit and hang out during the day and at night.
The per capita income in Miami Beach is great with an average of $43,300, an amount that is above the national average and the unemployment rate is reasonably low at 3.9%. However, the median household income across the city is slightly lower than the national average but the earning potential is amazing according to the per capita numbers.
The weather and beaches are enough to keep you healthy but if there is any need for you to visit the doctor or optometrist, the cost of seeing a doctor in Miami Beach is lower than the national average. The average cost for seeing a doctor is $80 and not $99. However, prescription medications may cost you more in this area, a visit to the dentist may cost more as well. Overall, the cost of healthcare services is not so expensive.
The cost of a utility in Miami Beach is lower than the national average, this should be due to the weather in this part of the country as you will not need heat in Miami Beach, FL and a whole lot of people jettison the use of AC to enjoy the natural breeze from the ocean. The electricity bill on the average will cost $166 per month compared to the national average of $170 per month, and the phone lines are cheap as well based on the national scale.
There is no much public transit in Miami Beach except for the South Beach local buses as a result of this you should expect to pay a little above the national average for car maintenance, and gasoline on the island. The cost of transportation is above the national moving average obtainable in the US.
MOVING TO MIAMI BEACH FLORIDA
Whenever you decide to move to Miami Beach, Florida, you can always find the best moving companies in and around Miami, Florida online. Search for reputable and experienced movers online who can help you with the entire planning and logistics involved in moving to Miami Beach from within and outside of the United States of America.
You can read online reviews and ratings about the best moving companies available in order for you to cut down the list so that you can be able to get the best moving company that can help you relocate to Miami Beach, Florida.
HAVE A CHECKLIST
When you plan to move to Miami Beach, Florida, make sure you have a plan on the ground and a way to achieve this is through a checklist where you state clearly all the things you need to do ahead of your move day. Having a checklist will help you to be organized, you know what you have done and what is still left to be done and when to ensure they are done.
On the day of your move, make sure you move as early as possible, if you are hiring a moving company, make sure you inform them to arrive as early as possible. Setting out early has several advantages as you will be able to beat traffic and the weather in the morning is always cool and you can get things done before the sun shows up.
There are a whole lot of people from diverse across the globe who reside in Miami and you can be sure that you will get to meet people from other parts of the world on a daily basis. Miami is dominated by people from Cuba and Latin America. Miami is often referred to as Latin America in America because of the large population of Latin America settlers, other nationalities that you will find in Miami Beach include Brazilians, Columbians, Peruvians, Mexicans, and Venezuelans among others.
Overall, it should be noted that the cost of living in Miami Beach, Florida is above the national moving average but when you consider the neighborhood as a popular resort with the water bodies around and the clement weather then you will still agree that the cost of living is still reasonable. However, most areas and beach resort areas are at least double that of other places in Miami. Hence, when you factor all these in and you also put into consideration the no income tax law in Florida, then you will still realize that living in Miami Beach is not as high as people perceive it to be.
When you do move to Miami Beach, we wish you a successful stay!!!